Over the last 5 or 6 years …Papaya Global End Of Year 2021… functions on the supplier side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was somewhere else at this moment in time okay so let’s begin 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 maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses 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 difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Labor force is currently three and a half billion people by 2030 it’s estimated 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 organizations and growing all doing their own thing worldwide in the traditional payroll design there’s frequently a frustrating number of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or really extremely fundamental there’s no genuine consistency structure we’re living in a period of tech but payroll has actually been slow 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 believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in global payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of international organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included best and what does
it require 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 capabilities 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 client’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link 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 enabling us to kind of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by businesses throughout the world so again you’re simply looking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real tough type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an effect viewpoint on employees it is absolutely vital that it’s done properly and on time so what we mean 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 harmful result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been astonished entering into this Market type of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. For that reason, it is important to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Using the first International Payments very first payroll payment service is a great preliminary action towards offering a comprehensive payroll service for employees worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and savings account essential for global payroll are essential factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know 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 likewise so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of try to get back to everybody so carrying on look why do companies choose to primary separate bank accounts there are Papaya Global End Of Year 2021 organizations out there doing precisely this for particular nations and I have actually worked in a business or lots of services doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think people have got so used to we need a brand-new checking account we open an entity and appropriately 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 simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it requires changing however ultimately individuals are really stuck with what they recognize
with best um change is a difficult thing all of us do not like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several savings account but there’s a big quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is substantial but I think the honest response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually 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 know what could nearly be determined to be the next Century or two there is a lot to track and this technique does posture several difficulties um so Johnny could you inform us about those challenges yeah obviously 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 jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global End Of Year 2021