Over the last five or six years …Papaya Global 50 Employee Pay Elements Export… roles on the service provider side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really uninspiring and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies preserve different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how enhancing 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 intricate for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include more intricacy the international Workforce is presently 3 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 design there’s typically an overwhelming number of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or really very basic there’s no real consistency structure we’re residing in an age 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 which just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international companies have actually revealed that they don’t 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 interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a great concern I always toss this back and say what is it what does not need to be included best and what does
it require to be considered there’s differing Bank details 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations across the world so again you’re just aiming to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or real difficult type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling 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 produce extra handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era 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 concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an effect point of view on workers it is definitely vital that it’s done correctly and on time so what we indicate 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 many other elements if people aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment service is a fantastic initial action towards supplying an extensive payroll service for workers worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts necessary for worldwide payroll are key factors in accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyway 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 everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of shot to return to everybody so proceeding appearance why do companies pick to primary separate checking account there are Papaya Global 50 Employee Pay Elements Export services out there doing precisely this for particular nations and I’ve operated in an organization or numerous organizations doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe 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 think individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have 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 numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing however eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a tough thing all of us do not like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple savings account but there’s a huge quantity of complexity chooses setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big but I believe the sincere answer is change um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep track of and this approach does pose several difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Business 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 actually gained another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global 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. Papaya Global 50 Employee Pay Elements Export