Over the last five or 6 years …Papaya Global Time Needed To Process A Payroll… functions on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 raining here it’s really extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset 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 accurately effectively safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance information security and banking rules then there are the large numbers they add more complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million services and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very really basic there’s no real consistency structure we’re residing in a period 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 typically with pen and paper which just 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 organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide organizations have actually revealed 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 data data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need 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 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 need to pay from the consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance groups work closer together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to type of the level of intricacy there’s increasingly more benefits being organ or being offered by services across the world so once again you’re just wanting to add a growing number of 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 difficulties or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but 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 require to produce additional handoffs while doing sos 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 an era that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost point of view from an impact point of view on staff members it is definitely vital 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 need to be done right it has the biggest damaging effect on people’s well-being and lots of other aspects if people aren’t paid uh I have actually always been impressed entering into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment solution is a fantastic preliminary step towards supplying a thorough payroll option for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and bank accounts necessary for international payroll are essential factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand 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 processes and also so think of sorry I’m simply I was simply gon na say 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 discussing hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and type of try to return to everybody so carrying on look why do business pick to primary different bank accounts there are Papaya Global Time Needed To Process A Payroll organizations out there doing precisely this for particular nations and I have actually worked in a service or lots of organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and any person that’s managing 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 quantity that we are I believe lots of reasons one is it’s the standard I believe people have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods 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 altering however ultimately people are really stuck with what they’re familiar
with right um change is a difficult thing all of us do not like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining several savings account however there’s a big quantity of complexity opts for establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial however I believe the sincere response is change um individuals have not been able to alter or have not had necessarily the knowledge to actually 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 knowledge you know and there is a component of resistance to change 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 proceeding and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this approach does position numerous difficulties um so Johnny could you tell us about those challenges yeah naturally 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 handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Time Needed To Process A Payroll