Over the last 5 or six years …Papaya Global Us… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join all of us 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 just to hear where everyone is um it’s nice to to kind of like see where everyone comes 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 very uninspiring and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most notably policies compliance data security and banking rules then there are the sheer numbers they include further complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 globe in the traditional payroll design there’s often an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely very standard there’s no real consistency structure we’re residing in an era 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 often with pen and paper which simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the needed multiple processes 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 difficulties company face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be included right 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 abilities so can you pay it from International or do you have 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 constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link 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 innovation is allowing us to kind of move on with that it also also to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals say 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 profession 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by services across the world so once again you’re simply seeking to include more and more payments to this already complicated landscape so if you kind 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 real obstacles or genuine tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely 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 task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective 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 working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost point of view from an impact perspective on workers it is absolutely vital 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 biggest harmful effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first International Payments very first payroll payment service is a great preliminary action towards supplying a comprehensive payroll option for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and savings account required for global payroll are key consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyway we know how how important a function 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 simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was just gon na state picture 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 talking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t picture 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 really see what was going on and type of shot to get back to everybody so proceeding look why do companies select to main separate savings account there are Papaya Global Us services out there doing precisely this for specific countries and I have actually worked in an organization or many organizations doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and any person that’s dealing with that procedure 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 think many factors one is it’s the standard I think individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing but ultimately people are very stuck to what they’re familiar
with right um change is a hard thing we all do not like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having preserving numerous checking account however there’s a huge amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is big however I think the truthful answer is change um people haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep track of and this approach does pose numerous obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just 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 feels like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Us