Over the last five or 6 years …Papaya Global Paternity Pay… roles on the supplier side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation however when you’re doing it internationally 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 include further complexity the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll design there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really basic there’s no genuine consistency framework we’re residing in an age 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 just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires 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 right and what does
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 nation there’s payment timespan there’s payment capabilities 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 right ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to kind of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals say 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 ultimately 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re simply looking to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times 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 understand that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an impact point of view on staff members it is definitely 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 greatest destructive result on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly 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 important cycle, and people just observe when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. For that reason, it is essential to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the very first Global Payments first payroll payment solution is an excellent initial action towards offering a detailed payroll solution for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and savings account essential for global payroll are key consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state think of 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 discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task 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 actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies pick to main different savings account there are Papaya Global Paternity Pay companies out there doing exactly this for particular nations and I have actually operated in an organization or lots of businesses doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating extra work for any person where we do not need to and anybody that’s managing 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 think lots of factors one is it’s the requirement I believe individuals have got so used to we require a brand-new checking account we open an entity and appropriately 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 just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing but eventually people are extremely stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining several checking account but there’s a substantial quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge but I think the honest response is change um people have not been able to change or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to track and this technique does present a number of difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks 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 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Paternity Pay