Over the last 5 or six years …Papaya Global Ada Member Advantage… functions on the company 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 quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually 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 very really gloomy and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, 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 provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very really fundamental there’s no real consistency structure we’re living in an era of tech however payroll has 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 believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in global payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global companies have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be consisted of best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and innovation is enabling us to sort of progress with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work closer together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by businesses across the world so again you’re just looking 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’m sure however have you got any experience in kind of genuine challenges or real tough sort of pay utilizes 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 an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job 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 viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs in the processes 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 era of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any business has from a cost perspective from an impact perspective on employees it is absolutely critical that it’s done properly and on time so what we suggest 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 destructive result on people’s well-being and many other elements if people aren’t paid uh I’ve always been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think 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 things is definitely vital that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is an excellent first step um offering an end-to-end payroll service for your employees globally once again I think is another big um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and checking account 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’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that numerous 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 a fascinating job trying to clean up 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 need 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 choose to main different savings account there are Papaya Global Ada Member Advantage companies out there doing precisely this for specific countries and I have actually operated in a business or numerous companies doing exactly that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your ideas 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 think individuals have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering but ultimately individuals are extremely stuck to what they’re familiar
with right um modification is a challenging thing we all don’t like modification um so I think it’s simply sort of moving far from the norm 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 maintaining several checking account however there’s a big amount of intricacy opts for establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge however I think the honest answer is modification um individuals have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to monitor and this method does pose a number of difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Ada Member Advantage