Over the last five or 6 years …Papaya Global Demo Version… roles on the company side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of 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 rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes 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 raining here it’s extremely really bleak and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them ends up being a growing number of complicated International organizations are looking to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment perspective numerous companies preserve separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep separate bank accounts often in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the global 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 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 worldwide in the standard payroll model there’s frequently a frustrating variety of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there’s no genuine consistency framework we’re residing in an age of tech but 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 which just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the necessary numerous procedures 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 difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of 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 amount of time there’s payment capabilities 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 customer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to sort of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I’m always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so once again you’re just wanting to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more prompt 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 know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any service has from an expense point of view from an impact viewpoint on workers it is absolutely 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 have to be done right it has the biggest damaging impact on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been surprised entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only observe when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. Therefore, it is essential to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the very first Global Payments very first payroll payment solution is a fantastic initial action towards offering a thorough payroll solution for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and savings account needed for worldwide payroll are key factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyhow we know 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 everyone that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying 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 need days of the week to attempt to check out them and really see what was going on and kind of try to return to everybody so proceeding appearance why do companies pick to main separate savings account there are Papaya Global Demo Version services out there doing precisely this for particular countries and I’ve worked in a company or numerous businesses doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s dealing with that procedure 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 think numerous reasons one is it’s the requirement I believe people have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing however ultimately individuals are really stuck with what they recognize
with right um change is a challenging thing we all do not like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining several checking account however there’s a huge quantity of intricacy opts for establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is substantial but I believe the truthful answer is modification um people haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you inform us about those challenges yeah of course 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 manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Demo Version