Over the last five or 6 years …Papaya Global Version 26 Update… roles on the company side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating 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 originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely gloomy and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets use 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 strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they add additional intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll design there’s often a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very very basic there’s no real consistency framework we’re living in a period of tech however payroll has 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 simply blows my mind each time I I think
about it to give you an idea 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 provides me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of global services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be included right and what does
it require to be thought about there’s differing Bank information 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 have to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if but some infants 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 technology is enabling us to type of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the payment landscape is becoming increasingly detailed. Businesses are constantly presenting brand-new advantages and payment choices, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly sophisticated age, there’s no justification for maintaining troublesome treatments. Payroll, the company’s biggest cost, need to be processed properly and on time. Even minor delays can adversely impact staff members’ wellness and have far-reaching effects. For that reason, it’s crucial to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is a great initial step um providing an end-to-end payroll solution for your employees internationally once again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they need for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how essential a role 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 simple as possible for everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job 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 check out them and in fact see what was going on and kind of shot to return to everybody so moving on appearance why do companies choose to primary different checking account there are Papaya Global Version 26 Update businesses out there doing exactly this for particular countries and I’ve worked in a company or many services doing exactly that I can say it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have 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 lots of reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately 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 requirement and the norm individuals have actually embraced 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 think there’s a variety I think this is a process that needs taking a look at it requires altering but ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving multiple savings account but there’s a huge amount of intricacy goes with establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge but I think the honest response is modification um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to track and this technique does present several 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 modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Version 26 Update