Over the last five or six years …Papaya Global Staff On Holiday At The Same Time… roles on the company side and likewise on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer 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 quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody 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 extremely very bleak 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 looking at the difficulty years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide 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 streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most notably policies compliance information security and banking guidelines then there are the large numbers they include additional complexity 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there’s often a frustrating variety of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very very standard there’s no genuine consistency framework we’re residing in an era 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 often with pen and paper and that just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round it all off and the data is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to workers 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 varying Bank details so the length of an eye band a swift an account number routing code per country 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 intricacy wherever you look right eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble extremely payments no if however 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to kind of move on with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide 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 information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so again you’re just seeking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or real tough kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really managing 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 understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from a cost point of view from an impact perspective on employees it is absolutely 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 impact on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has 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 individuals just see when things go wrong. Nevertheless, 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 vital to ensure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first Global Payments first payroll payment option is a fantastic preliminary action towards offering a thorough payroll option for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and bank accounts required for international payroll are essential factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as prepared. Eventually, we do not do it for the gratitude.
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 everybody that’s associated with those procedures and also so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely 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 try to look through them and in fact see what was going on and sort of try to return to everyone so proceeding appearance why do business pick to primary different checking account there are Papaya Global Staff On Holiday At The Same Time businesses out there doing precisely this for particular countries and I have actually worked in an organization or many businesses doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and any person that’s managing that process 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 standard I think individuals have actually got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires changing but ultimately individuals are extremely stuck with what they recognize
with right um change is a challenging thing we all do not like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining numerous checking account however there’s a big quantity of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big but I think the honest answer is change um individuals haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change 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 moving on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep track of and this technique does present a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Staff On Holiday At The Same Time