Over the last 5 or six years …Cost Of Papaya Global Payroll… functions on the service provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they add additional complexity the global Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people 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 globe in the conventional payroll model there’s typically an overwhelming number of various systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or very very standard there’s no genuine consistency framework we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of global companies have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely vital however all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to kind of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to type of the level of intricacy there’s a growing number of advantages being organ or being provided by companies across the world so again you’re just aiming to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine tough sort of pay utilizes 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 larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact viewpoint on workers it is absolutely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental effect on people’s well-being and lots of other factors if people aren’t paid uh I’ve always been amazed entering this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally too. Therefore, it is vital to ensure that jobs like Wi-Fi International and other vital matters are done properly. Utilizing the very first Global Payments first payroll payment service is a terrific preliminary action towards offering a comprehensive payroll solution for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account required for worldwide payroll are essential consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we understand how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and sort of shot to get back to everybody so proceeding appearance why do companies select to main separate checking account there are Cost Of Papaya Global Payroll businesses out there doing exactly this for particular nations and I have actually worked in an organization or lots of businesses doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs changing but eventually people are very stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having keeping multiple bank accounts but there’s a big quantity of complexity opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is huge but I think the truthful answer is change um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or so there is a lot to monitor and this technique does posture several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed our Business 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 International staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Cost Of Papaya Global Payroll