Over the last 5 or 6 years …Papaya Global Vs Adp… roles on the supplier side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly useful for international 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 offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they add more complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s frequently a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely really basic there’s no real consistency framework we’re residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on global payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of right 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 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 wherever you look best ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 basic and innovation is permitting us to sort of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by organizations across the world so again you’re just looking to add increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or real challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an impact perspective on employees it is definitely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive result on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just notice when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. For that reason, it is important to ensure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the very first International Payments very first payroll payment solution is a great initial step towards providing an extensive payroll service for employees worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and checking account required for international payroll are key consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how important 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 easy as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and type of try to get back to everyone so proceeding appearance why do companies choose to primary different savings account there are Papaya Global Vs Adp businesses out there doing exactly this for specific nations and I’ve operated in a service or lots of organizations doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s managing 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 many factors one is it’s the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need 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 individuals have embraced 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 numerous other ways um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing but eventually people are really stuck with what they recognize
with right um change is a hard thing all of us do not like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having keeping multiple savings account but there’s a substantial quantity of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is substantial however I believe the honest response is change um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides 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 aspect of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose numerous challenges um so Johnny could you tell us about those challenges yeah of course 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 jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Vs Adp