Over the last 5 or 6 years …Papaya Global Payroll Autopilot… functions on the provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 drizzling here it’s very very dreary and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property 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 properly efficiently securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they add further intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 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 around the globe in the standard payroll design there’s typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very very standard there’s no genuine consistency structure we’re residing in an age 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 frequently with pen and paper which just blows my mind every 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 services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services 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 information entry errors badly interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is delivered to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the essential 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 organization face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what does not require to be consisted of best and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely crucial 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 take a 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 basic and innovation is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being used by companies throughout the world so once again you’re just aiming to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or real tough type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams 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 however you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost point of view from an effect 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 greatest damaging effect on people’s well-being and numerous other elements if people aren’t paid uh I have actually always been impressed coming into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the first Worldwide Payments first payroll payment solution is a terrific preliminary step towards supplying a detailed payroll solution for staff members worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and savings account essential for global payroll are key factors in achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everyone so moving on look why do companies select to main separate checking account there are Papaya Global Payroll Autopilot organizations out there doing precisely this for specific countries and I’ve operated in a company or many companies doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s handling 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 amount that we are I believe many factors one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions but 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 individuals 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 variety I think this is a procedure that needs taking a look at it requires changing but eventually people are very stuck with what they recognize
with right um modification is a challenging thing we all do not like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving numerous checking account but there’s a big quantity of intricacy chooses establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the complexity is big but I believe the honest response is modification um people haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know 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 pose numerous challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I recently made a change to our Business 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 gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Autopilot