Over the last 5 or 6 years …Papaya Global Q&A… functions on the supplier side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes 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 very extremely bleak and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property 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 precisely effectively firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most importantly policies compliance data security and banking rules then there are the large numbers they include additional complexity the global Labor force is currently three 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 presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there’s typically a frustrating number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely very basic there’s no genuine 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 and that simply blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included right and what does
it need to be considered there’s varying 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 capabilities 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 client’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 frequently 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on wellness and the compensation landscape is becoming significantly complex. Businesses are continuously presenting new benefits and payment alternatives, which contributes to the total complexity. Large corporations often divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically advanced era, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s biggest cost, should be processed properly and on time. Even minor hold-ups can negatively impact employees’ wellness and have significant repercussions. Therefore, it’s important to prioritize precise and prompt payments.
payroll team get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a fantastic initial step um offering an end-to-end payroll service for your employees internationally again I think is another huge um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of services and reducing the variety of tools platforms and checking account they need for their International 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how important 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 associated with those procedures and likewise so think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everyone so moving on look why do business select to primary different savings account there are Papaya Global Q&A companies out there doing exactly this for particular countries and I have actually operated in a company or many organizations doing precisely that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anyone 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 think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but eventually people are extremely stuck with what they’re familiar
with best um modification is a hard thing all of us don’t like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining multiple checking account but there’s a huge quantity of complexity goes with establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial however I believe the sincere response is modification um individuals have not been able to alter or haven’t had always 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 know and there is an element of resistance to change however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or so there is a lot to track and this method does present several difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Business 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 gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Q&A