Over the last five or six years …Can You Use Papaya Global Time Without Papaya Global Payroll… roles on the company side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 extremely dreary and I want I was somewhere else 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 difficulty years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming 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 properly effectively securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 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 standard payroll model there’s typically an overwhelming number of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely basic there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply 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 just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide services have actually expressed 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 poor HCM information data entry errors poorly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the necessary multiple procedures 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 difficulties company face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included right 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 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 consumer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to type of progress with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market 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 but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of complexity there’s more and more advantages being organ or being used by companies across the world so again you’re simply looking to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact viewpoint on employees it is definitely important 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 need to be done right it has the biggest destructive effect on individuals’s wellness and many other aspects if people aren’t paid uh I’ve constantly been impressed entering into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has actually 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 we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 absolutely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent initial step um providing an end-to-end payroll option for your workers globally once again I think is another substantial um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and bank accounts they need 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 have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 associated with those procedures and likewise so envision sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to get back to everyone so moving on look why do companies select to primary different bank accounts there are Can You Use Papaya Global Time Without Papaya Global Payroll companies out there doing exactly this for specific countries and I have actually worked in a company or numerous businesses doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and anybody that’s managing that process 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 believe numerous reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering but eventually individuals are very stuck to what they recognize
with best um modification is a challenging thing we all do not like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining several bank accounts however there’s a big quantity of intricacy opts for establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is big however I think the sincere response is change um individuals haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to monitor and this approach does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Can You Use Papaya Global Time Without Papaya Global Payroll