Over the last five or 6 years …Support Payroll Papaya Global… functions on the supplier side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s typically an overwhelming number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very extremely standard there’s no genuine consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide services have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of progress with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being provided by businesses across the world so once again you’re just looking to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or real tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from a cost point of view from an impact viewpoint on employees it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first International Payments first payroll payment service is a terrific preliminary step towards offering an extensive payroll solution for workers worldwide. Standardization, international processes, and lowering the number of tools, platforms, and savings account necessary for international payroll are key consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we know how how crucial a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of try to return to everyone so moving on appearance why do companies choose to main separate savings account there are Support Payroll Papaya Global services out there doing exactly this for specific nations and I have actually operated in a business or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I think people have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering but eventually people are extremely stuck with what they’re familiar
with right um modification is a tough thing all of us don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining multiple savings account however there’s a huge quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I think the sincere answer is change um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or two there is a lot to track and this approach does pose several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Support Payroll Papaya Global