Over the last five or 6 years …Papaya Global No Code Adoption Leave Nominal Link… roles on the provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually 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 drizzling here it’s really extremely dreary and I wish I was somewhere else at this moment in time fine 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 managing International payroll why companies keep separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion people 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming variety of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very really standard there’s no real consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a photo they see a lack of exposure 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 international organizations have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 anywhere you look right eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide 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 anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to sort of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so again you’re just looking to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades 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 teams doing one part of the task there are teams feeding info into the next function as it were that’s really handling 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 understand long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost viewpoint from an effect perspective on workers it is definitely vital that it’s done properly 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 biggest harmful impact on people’s wellness and many other elements if people aren’t paid uh I have actually always been impressed entering into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment service is an excellent initial action towards providing a detailed payroll service for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account essential for worldwide payroll are key consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how important a role 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 associated with those procedures and likewise so envision sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely 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 try to browse them and in fact see what was going on and kind of shot to return to everyone so moving on look why do business select to primary different checking account there are Papaya Global No Code Adoption Leave Nominal Link services out there doing precisely this for specific nations and I’ve worked in a company or numerous businesses doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and anyone 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 think numerous reasons one is it’s the requirement I think people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering but ultimately individuals are extremely stuck to what they recognize
with best um change is a challenging thing we all do not like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving multiple checking account however there’s a substantial quantity of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is huge but I think the honest response is change um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to monitor and this method does pose several challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global No Code Adoption Leave Nominal Link