Over the last five or 6 years …Papaya Global Employment Allowance Previous Years… roles on the provider side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type 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 kind of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 really very bleak and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion people 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll design there’s often a frustrating variety of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or very extremely standard there’s no real consistency framework we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide companies have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors improperly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the information is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be included best and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like very 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 innovation is allowing us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by companies across the world so once again you’re just looking to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from an expense point of view from an effect perspective on employees it is absolutely critical that it’s done properly and on time so what we mean 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 result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. Therefore, it is important to make sure that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment solution is a fantastic initial step towards offering an extensive payroll option for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts required for international payroll are crucial consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyhow we understand how how essential a function 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 associated with those procedures and also so imagine sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of try to get back to everybody so proceeding appearance why do companies select to primary separate checking account there are Papaya Global Employment Allowance Previous Years organizations out there doing exactly this for specific nations and I’ve worked in an organization or lots of services doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering however eventually people are really stuck to what they recognize
with ideal um change is a hard thing all of us do not like modification um so I believe it’s just type 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 undoubtedly the advantages of having keeping several bank accounts but there’s a substantial amount of complexity chooses setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is substantial but I believe the truthful answer is change um individuals have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this method does position numerous obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Employment Allowance Previous Years