Over the last five or six years …Papaya Global Order Stationery… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it is 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 very extremely gloomy and I want 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 obstacle years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one nation 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 regulations compliance information security and banking rules then there are the large numbers they add additional complexity the international Workforce is presently 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 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 all over the world in the traditional payroll model there’s frequently an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very extremely basic there’s no real consistency structure we’re residing in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on global payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of international organizations have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be included ideal and what does
it need to be thought about 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 abilities 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if however some infants 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 permitting us to sort of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to add to kind of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so again you’re simply aiming to add increasingly more payments to this currently complex landscape so if you sort 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 real obstacles or real difficult type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they require 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 challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact perspective on employees 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 need to be done right it has the greatest damaging effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market kind of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody 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 see when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally also. For that reason, it is vital to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Using the very first Global Payments first payroll payment option is a terrific initial action towards providing an extensive payroll service for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and savings account necessary for worldwide payroll are essential factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as prepared. Eventually, we do not do it for the thankfulness.
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 everyone that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and kind of try to return to everyone so moving on look why do companies pick to main separate checking account there are Papaya Global Order Stationery businesses out there doing exactly this for specific countries and I’ve worked in a service or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and anybody 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 believe many reasons one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it needs altering however eventually individuals are really stuck with what they recognize
with best um change is a tough thing we all do not like modification um so I believe it’s just type of moving away 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 preserving several savings account but there’s a big amount of intricacy chooses setting up a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is huge however I believe the sincere answer is change um individuals haven’t had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this method does position a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally 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 handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Order Stationery