Over the last 5 or six years …Papaya Global Previous Payrolls Unissued… roles on the supplier side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very dreary and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s typically 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 fundamental there’s no genuine consistency structure we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have actually revealed that they do not 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 poorly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they depend on the needed numerous processes 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 service 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 doesn’t require to be consisted of ideal 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 country 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of move on with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process 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 3rd parties so with the
world we live in and wellness being more and more important to add to type of the level of intricacy there’s a growing number of advantages being organ or being provided by businesses across the world so once again you’re simply looking to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real difficulties or real difficult kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense point of view from an impact point of view on workers it is absolutely vital 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 have to be done right it has the most significant destructive result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been impressed entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only discover when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally too. For that reason, it is important to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment solution is an excellent initial action towards providing an extensive payroll service for staff members worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account necessary for international payroll are key consider accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
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 everybody that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of 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 try to get back to everybody so moving on look why do business select to primary separate checking account there are Papaya Global Previous Payrolls Unissued organizations out there doing precisely this for specific countries and I have actually worked in an organization or numerous organizations doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires altering but ultimately individuals are extremely stuck to what they recognize
with right um modification is a difficult thing we all don’t like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple savings account however there’s a huge amount of intricacy opts for setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is huge however I believe the sincere answer is change um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or so there is a lot to track and this approach does present several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Previous Payrolls Unissued