Over the last five or six years …Papaya Global Payroll Problems… roles on the company side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually 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 raining here it’s very very gloomy and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different checking account for payroll in various 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 possession for payroll executives. We will also supply a wrap-up of the bottom lines 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 global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll model there’s often an overwhelming number of different systems leading to lengthy 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 living in an age 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 frequently with pen and paper and that just blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors inadequately communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be consisted of best 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 amount of time there’s payment capabilities so can you pay it from International or do you have 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 eventually building a knowledge base is definitely critical but everywhere 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 take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone 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 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 information 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 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 provided by companies throughout the world so once again you’re just seeking to add more and more 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 but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run 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 era of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an effect viewpoint on workers it is absolutely crucial that it’s done correctly and on time so what we suggest 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 result on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is an excellent initial step um offering an end-to-end payroll service for your employees worldwide again I believe is another huge um procedure once again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of companies and reducing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand 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 everyone that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing 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 need days of the week to attempt to look through them and in fact see what was going on and sort of try to get back to everybody so proceeding appearance why do companies select to main separate bank accounts there are Papaya Global Payroll Problems services out there doing exactly this for specific countries and I have actually operated in a company or many businesses doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s handling 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 quantity that we are I think many factors one is it’s the standard I think people have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires changing but eventually individuals are extremely stuck with what they’re familiar
with right um change is a difficult thing all of us do not like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining several checking account but there’s a big quantity of complexity opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is substantial however I think the sincere response is modification um individuals have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter 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 carrying on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does present several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just 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 seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Payroll Problems