Over the last five or six years …Papaya Global Stock Symbol… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually 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 drizzling here it’s very really uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started 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 companies keep separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most notably guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating number of different systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or very extremely fundamental there’s no real consistency structure we’re residing in an age of tech however payroll has actually been slow 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 think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is shipped to the wrong place the average cost of a global information 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 depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and say what is it what does not need to be included best and what does
it require to be thought of there’s differing Bank information 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 need 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 ideal eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to type of progress with that it also also to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to add to kind of the level of complexity there’s more and more advantages being organ or being offered by organizations across the world so again you’re simply looking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly state that the larger a service 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 information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an effect viewpoint on workers it is absolutely vital that it’s done correctly 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 detrimental impact on people’s well-being and many other aspects if people aren’t paid uh I’ve always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only notice when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the first International Payments first payroll payment solution is a terrific preliminary action towards providing a thorough payroll service for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account required for worldwide payroll are essential factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we know how how essential a function 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 also so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case 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 get back to everybody so moving on appearance why do business choose to primary different savings account there are Papaya Global Stock Symbol organizations out there doing precisely this for particular nations and I’ve operated in a business or many companies 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 developing additional work for anybody where we do not 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 quantity that we are I think lots of factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require 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 actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs changing but eventually individuals are very stuck with what they’re familiar
with ideal um change is a tough thing all of us do not like change um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving several savings account however there’s a substantial quantity of complexity opts for establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is substantial however I believe the sincere answer is modification um individuals haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this approach does present a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Stock Symbol