Over the last 5 or six years …Papaya Global Payments… roles on the service provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply 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 interesting and I can see it going on already simply to hear where everybody 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 sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I wish I was elsewhere at this moment in time fine 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 Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably regulations compliance data security and banking rules then there are the large numbers they add more complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s typically an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very very fundamental there’s no real consistency structure we’re living in a period of tech however 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 every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on global payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global organizations have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be included ideal 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 country there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is definitely critical but 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 look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll 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 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 people anywhere 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 contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re just seeking to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from an expense point of view from an impact viewpoint on staff members it is definitely important 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 destructive result on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the first International Payments very first payroll payment option is a fantastic initial step towards offering an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and savings account necessary for international payroll are key consider achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway we know how how essential a role 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 easy as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and type of try to return to everybody so proceeding appearance why do business choose to primary separate savings account there are Papaya Global Payments services out there doing precisely this for specific countries and I’ve operated in a company or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and any person that’s managing that process I ‘d be interested to hear your thoughts 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 requirement I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing but ultimately people are really stuck to what they’re familiar
with right um modification is a tough thing we all do not like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining multiple savings account but there’s a substantial amount of intricacy chooses establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is huge but I believe the sincere response is modification um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or so there is a lot to track and this method does position several difficulties um so Johnny might you tell us about those challenges yeah obviously 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 seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Payments