Over the last five or six years …Papaya Global Revenue 2022… functions on the service provider side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody 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 interesting and I can see it going on currently just 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 sunshine is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession 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 precisely efficiently safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they add additional intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating number of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency framework we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in international payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide organizations 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 because of time reporting bad HCM information data entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed multiple 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 service face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be included ideal and what does
it require to be considered there’s varying 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 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 wherever you look best ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 technology is allowing us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise 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 benefits being organ or being used by businesses throughout the world so once again you’re simply aiming to include more and more payments to this already complex landscape so if you type 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 obstacles or genuine tough type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups 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 doesn’t always need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from an expense perspective from an effect perspective on employees it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on individuals’s wellness and lots of other aspects if people aren’t paid uh I’ve constantly been impressed entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll correctly 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 ultimately payroll is such an essential cycle we all hear about it when it fails everybody 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 deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is an excellent first step um supplying an end-to-end payroll service for your employees worldwide once again I believe is another huge um process once again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of organizations and lowering the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of try to return to everyone so carrying on look why do companies choose to primary separate savings account there are Papaya Global Revenue 2022 businesses out there doing exactly this for specific nations and I’ve worked in an organization or many organizations doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s managing that procedure 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 believe numerous reasons one is it’s the standard I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing however eventually individuals are extremely stuck to what they’re familiar
with best um change is a tough thing we all do not like change um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having keeping numerous checking account however there’s a big amount of intricacy opts for establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is big but I think the sincere response is change um people haven’t had the ability to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture several difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change 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 gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Revenue 2022