Over the last 5 or six years …Papaya Global Online Support… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two 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 type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets offer 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 asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly regulations compliance data security and banking rules then there are the large numbers they include additional complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s typically an overwhelming variety of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really really fundamental there’s no real consistency framework we’re living in an era of tech however payroll has 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 simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in international payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international organizations have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is definitely vital however everywhere 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 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 fundamental and technology is permitting us to kind of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being provided by companies throughout the world so again you’re simply wanting to add increasingly 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 genuine difficulties or genuine challenging type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely 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 groups feeding info 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 does not always require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as tough 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 point of view on staff members 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 have to be done right it has the most significant damaging result on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has 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 staff members or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a great first step um supplying an end-to-end payroll service for your staff members globally again I think is another huge um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and decreasing 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 terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of 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 complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how essential a function 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 processes and likewise so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean 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 need days of the week to attempt to check out them and actually see what was going on and type of shot to get back to everyone so moving on appearance why do companies pick to primary different checking account there are Papaya Global Online Support services out there doing precisely this for specific countries and I have actually operated in a business or numerous companies doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and anyone 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 believe many factors one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing but eventually people are extremely stuck with what they recognize
with best um change is a hard thing all of us don’t like change um so I think 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 undoubtedly the benefits of having maintaining several checking account but there’s a huge amount of complexity opts for establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is substantial but I believe the sincere response is modification um people haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to track and this approach does pose a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Online Support