Over the last 5 or 6 years …Papaya Global Number… roles on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing 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 originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring 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 challenge years of managing Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical 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 precisely effectively securely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient 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 significantly regulations compliance data security and banking guidelines then there are the large numbers they add additional intricacy the international Labor force is currently three and a half billion individuals 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 organizations and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or very really fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has actually 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 think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the needed multiple procedures 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 obstacles company face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t need to be included right and what does
https://www.youtube.com/watch?v=pNjMoPeng0A
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to sort of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to type of the level of intricacy there’s more and more advantages being organ or being provided by businesses across the world so again you’re simply seeking to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I imply 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 functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we operate 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 a period 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 difficult as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any company has from a cost perspective from an impact point of view on employees it is definitely vital that it’s done correctly and on time so what we imply 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 detrimental impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been impressed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 stuff is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is a great primary step um providing an end-to-end payroll service for your workers internationally again I think is another huge um procedure once again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and reducing the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to 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 five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we know how how essential a function 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean 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 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 carrying on appearance why do companies pick to main separate checking account there are Papaya Global Number companies out there doing exactly this for specific countries and I have actually operated in a business or many organizations doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and any person 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 believe many reasons one is it’s the standard I believe people have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people 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 kind of do it so I believe there’s a range I think this is a procedure that requires looking at it needs altering however ultimately individuals are very stuck with what they recognize
with ideal um change is a difficult thing we all 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 certainly the benefits of having preserving multiple bank accounts but there’s a substantial amount of intricacy goes with setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is huge but I think the honest answer is change um people haven’t had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions other than 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 however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this approach does present numerous obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a range 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 feels like our CFO has actually gotten another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 staff members 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 more detailed, considering your achievements. Papaya Global Number