Over the last five or 6 years …What Is The Latest Version Of Papaya Global Payroll… functions on the service provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates 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 drizzling here it’s really really gloomy and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it streamlines 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 streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 standard payroll design there’s often an overwhelming number of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely fundamental there’s no genuine consistency structure we’re living in an era 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 and that just blows my mind every time 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 say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a business spends on international payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t require to be included best and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly 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 technology is enabling us to sort of progress with that it likewise as well to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation 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 frequently 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of complexity there’s more and more benefits being organ or being used by companies across the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you type 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 difficulties or real tough sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient 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 challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense perspective from an effect perspective on workers it is definitely important 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 greatest detrimental impact on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Using the first Worldwide Payments very first payroll payment solution is a great preliminary action towards supplying a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and bank accounts required for international payroll are essential consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyhow we understand how how important 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 involved in those processes and likewise so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of try to get back to everybody so proceeding appearance why do business select to primary separate checking account there are What Is The Latest Version Of Papaya Global Payroll companies out there doing precisely this for particular countries and I have actually operated in a business or many services doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and any person that’s dealing with that procedure 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 standard I believe individuals have got so utilized 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 simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that requires looking at it requires altering but eventually individuals are very stuck with what they’re familiar
with best um modification is a hard thing all of us do not like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple bank accounts however there’s a huge quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is huge however I think the truthful response is modification um individuals have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe 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 reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to monitor and this method does posture a number of challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. What Is The Latest Version Of Papaya Global Payroll