Over the last 5 or six years …Correcting Error On Papaya Global… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 very really gloomy and I wish 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 taking a look at the challenge years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance data security and banking rules then there are the large numbers they add more intricacy the international Workforce is presently 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very very standard there’s no genuine consistency structure we’re living in an era of tech however payroll has 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 whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average cost of an international 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 do not run efficiently if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be included best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move forward with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to add to type of the level of complexity there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re simply wanting to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or genuine difficult kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an effect point of view on staff members it is definitely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful result on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. Therefore, it is important to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first International Payments very first payroll payment service is a fantastic preliminary step towards supplying a comprehensive payroll service for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and bank accounts needed for global payroll are essential factors in achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyway we know how how crucial 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 think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so carrying on appearance why do companies pick to main separate bank accounts there are Correcting Error On Papaya Global organizations out there doing precisely this for particular nations and I’ve operated in a company or lots of organizations doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing however eventually people are extremely stuck to what they’re familiar
with best um change is a difficult thing all of us do not like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining multiple bank accounts however there’s a huge amount of intricacy opts for establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the sincere answer is modification um individuals haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep track of and this technique does position several challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just 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 should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Correcting Error On Papaya Global