Over the last 5 or 6 years …Papaya Global History Report By Date… functions on the service provider side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, 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 ending up being a strategic 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 properly efficiently safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they add additional intricacy the international Labor force 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 factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s often a frustrating variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or really very fundamental there’s no genuine consistency structure we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide businesses 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 because of time reporting poor HCM data information entry errors poorly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be consisted of best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to sort of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being offered by companies throughout the world so once again you’re just seeking to add increasingly more payments to this currently intricate landscape so if you kind 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 difficulties or real challenging kind of pay uses to play to pay individuals I believe yeah I imply 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 works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate 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 age of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an impact point of view on employees it is definitely important 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 destructive result on people’s well-being and lots of other factors if people aren’t paid uh I’ve always been impressed entering this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other essential matters are done properly. Using the very first International Payments very first payroll payment option is an excellent preliminary step towards providing a thorough payroll option for staff members worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account essential for worldwide payroll are key consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand how how important a function 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and type of shot to return to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global History Report By Date organizations out there doing exactly this for specific countries and I have actually worked in a company or many businesses doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons 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 purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a process that needs looking at it requires changing but eventually people are really stuck with what they recognize
with right um modification is a tough thing all of us do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving several savings account but there’s a huge quantity of complexity chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is substantial however I think the sincere answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand 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 moving on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does position numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global History Report By Date