Over the last 5 or 6 years …Papaya Global Direct Deposit Form… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating 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 everybody comes from and I actually 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 really extremely dreary and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most notably regulations compliance information security and banking rules then there are the sheer numbers they include further 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 further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming number of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency framework we’re residing 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 typically with pen and paper which simply blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 wherever you look best eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 definitely basic and innovation is permitting us to type of move on with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise 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 type of the level of intricacy there’s increasingly more advantages being organ or being used by companies across the world so once again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact perspective on employees it is definitely 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 biggest damaging result on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve always been amazed entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a fantastic initial step um supplying an end-to-end payroll solution for your workers internationally again I believe is another substantial um process once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in terms of 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 grievances where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 likewise so imagine sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task 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 shot to get back to everybody so moving on appearance why do business pick to primary separate savings account there are Papaya Global Direct Deposit Form organizations out there doing precisely this for specific countries and I have actually worked in a business or many organizations doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and anybody that’s handling 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 amount that we are I believe lots of factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you need 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 standard and the standard individuals have actually adopted and continue to do over years and years passed by 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 procedure that requires taking a look at it requires changing but ultimately people are really stuck with what they recognize
with right um modification is a difficult thing we all don’t like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving several bank accounts however there’s a substantial amount of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is huge however I think the honest response is change um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this method does posture numerous obstacles um so Johnny might 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 jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have effectively protected 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 workplace with a parking space that is more detailed, considering your achievements. Papaya Global Direct Deposit Form