Over the last 5 or 6 years …Advantages Of Papaya Global… functions on the service provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two 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 currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the worldwide Workforce is presently 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 presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming number of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really really basic there’s no genuine consistency framework we’re residing in an age 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 and that simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought of there’s varying 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 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 customer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like very 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 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 kind of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by services across the world so once again you’re simply wanting to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an effect perspective on employees it is absolutely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful impact on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe 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 definitely important that all of this things is done correctly so leveraging the very first International Payments first payroll payment option is a great first step um offering an end-to-end payroll service for your employees internationally again I believe is another big um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and reducing the variety of tools platforms and savings account they require for their Worldwide 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 had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 involved in those procedures and likewise so envision sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to return to everyone so proceeding appearance why do companies choose to primary separate bank accounts there are Advantages Of Papaya Global organizations out there doing exactly this for particular countries and I’ve operated in an organization or numerous businesses doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person 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 quantity that we are I believe lots of factors one is it’s the standard I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you require 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 gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it requires changing but 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 think it’s simply type 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 multiple savings account however there’s a huge quantity of complexity goes with establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is big however I think the honest response is change um people haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this approach does position several obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety 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 acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Advantages Of Papaya Global