Over the last 5 or six years …Papaya Global Year End 2021 Update… functions on the service provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I want I was elsewhere at this moment in time all right 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 business preserve different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses 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 tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 all over the world in the standard payroll model there’s often an overwhelming number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely really standard there’s no genuine consistency structure we’re residing in an era of tech but 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 think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the necessary numerous 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 challenges company face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be included best and what does
it need to be considered 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 intricacy anywhere you look ideal eventually developing a knowledge base is definitely crucial but 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 look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to type of progress with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m always impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information 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 wellness being more and more crucial to contribute to type of the level of complexity there’s more and more benefits being organ or being offered by companies across the world so once again you’re just aiming to include a growing number of payments to this already intricate 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 real challenges or genuine tough kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually handling 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 know long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective 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 why we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an impact point of view on staff members it is definitely crucial 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 have to be done right it has the biggest harmful result on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind 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 but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe 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 stuff is definitely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a great primary step um offering an end-to-end payroll solution for your employees globally once again I believe is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 simple as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting 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 need 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 everyone so carrying on look why do business select to primary different bank accounts there are Papaya Global Year End 2021 Update companies out there doing precisely this for particular nations and I have actually operated in a business or numerous companies doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes however 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 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 ways um to to kind of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing but eventually people are extremely stuck to what they’re familiar
with ideal um modification is a difficult thing all of us do not like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping numerous savings account but there’s a huge amount of intricacy goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge but I think the sincere response is change um people haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or so there is a lot to keep track of and this technique does position numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Year End 2021 Update