Over the last 5 or 6 years …Will Papaya Global Projects Work Without Papaya Global Payroll… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another number 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 rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 drizzling here it’s really very uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over 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 properly effectively safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they add further complexity the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very very fundamental there’s no genuine 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 typically with pen and paper which just blows my mind every time I I believe
about it to provide 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 gives me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the typical 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 worldwide payroll and payments don’t run smoothly if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a good concern I always throw 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 differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 any place you look best ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if however some babies 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 basic 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 Checking account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 often 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 individuals wherever 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 contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so once again you’re just seeking to include a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely state that the bigger a company 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 in fact handling the payment side of things but you understand in in my viewpoint and my experience that does not always require 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 timely they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense perspective from an impact perspective on staff members it is absolutely critical that it’s done correctly and on time so what we indicate 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 detrimental result on people’s wellness and many other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent 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 all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a terrific first step um offering an end-to-end payroll service for your staff members globally again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and checking account they require for their Global 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’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow 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 simple as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say envision 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 discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean 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 look through them and in fact see what was going on and type of shot to get back to everybody so carrying on appearance why do business select to primary separate checking account there are Will Papaya Global Projects Work Without Papaya Global Payroll organizations out there doing exactly this for specific nations and I’ve worked in a service or numerous organizations doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and any person that’s dealing with 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 amount that we are I think many factors one is it’s the requirement I believe people have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires altering however eventually people are extremely stuck with what they recognize
with right um modification is a tough thing we all do not like change um so I think it’s simply kind 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 obviously the advantages of having keeping multiple checking account however there’s a substantial quantity of complexity goes with setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is substantial but I believe the sincere response is change um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to track and this approach does position numerous difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Will Papaya Global Projects Work Without Papaya Global Payroll