Over the last 5 or 6 years …Papaya Global Payroll Download W3… functions on the supplier side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting 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 everyone originates 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 very very uninspiring and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they include more intricacy the global Labor force is presently 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 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 a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely extremely fundamental there’s no genuine consistency framework we’re residing 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 every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business spends on global payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global 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 poor HCM information information entry mistakes inadequately communicated hires and terminations along with absence management and system setups and after that when you round it all off and the data is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count 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 paying to employees or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of right and what does
it need to be considered 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 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 client’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely fundamental and innovation is enabling us to kind of move on with that it also also to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere 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 contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re just aiming to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the bigger 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 teams feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they require 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 difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect viewpoint on employees it is definitely critical 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 most significant detrimental impact on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been impressed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually 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 just notice when things go wrong. Nevertheless, 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 essential to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first Global Payments first payroll payment option is a terrific initial step towards supplying a thorough payroll option for staff members worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account needed for global payroll are crucial consider attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we know 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was simply 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 hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I mean 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 absolutely 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 check out them and really see what was going on and sort of shot to return to everyone so moving on look why do companies select to primary different checking account there are Papaya Global Payroll Download W3 companies out there doing exactly this for specific countries and I’ve worked in a company or lots of services doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe people have got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing however ultimately people are very stuck to what they recognize
with ideal um modification is a tough thing we all do not like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving several savings account but there’s a substantial amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is huge however I think the honest answer is change um individuals have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this approach does position several difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched our Business 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 Worldwide staff members you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Download W3