Over the last 5 or six years …Papaya Global Payroll Deadline… functions on the provider side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually 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 drizzling here it’s very very uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they add more complexity the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s frequently an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no real consistency framework we’re living in an age 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 often with pen and paper which just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in global payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the wrong place the typical cost of an international data 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 do not run smoothly if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included ideal and what does
it require to be thought of there’s differing Bank details 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re simply wanting to add 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 certain but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not always 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 timely they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost perspective from an effect viewpoint on staff members it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful effect on people’s wellness and many other elements if people aren’t paid uh I have actually always been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll service for your workers internationally once again I think is another huge um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of organizations and lowering the variety of tools platforms and savings account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial a role it is and that’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 think of sorry I’m just I was simply gon na state picture 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 possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of try to return to everybody so moving on appearance why do business choose to primary separate checking account there are Papaya Global Payroll Deadline companies out there doing precisely this for particular countries and I’ve operated in an organization or lots of services doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted 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 lots of other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing however eventually people are really stuck to what they’re familiar
with best um modification is a hard thing we all do not like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving numerous savings account however there’s a substantial quantity of complexity chooses establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge however I believe the truthful response is change um individuals haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this approach does present several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Deadline