Over the last 5 or 6 years …Papaya Global Restore Backup… functions on the supplier side and also on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 very really dreary 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 looking at the difficulty years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really very basic there’s no real consistency structure we’re living in an age 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 often with pen and paper which just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the required multiple processes 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 challenges company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included right and what does
it require to be thought of there’s varying 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 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 crucial however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and technology is allowing 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 differing Checking account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data 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 well-being being increasingly more important to contribute to sort of the level of complexity there’s more and more benefits being organ or being used by organizations throughout the world so again you’re just looking to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or real challenging type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number 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 teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working 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 greatest liability that any business has from an expense viewpoint from an impact perspective on workers it is absolutely important 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 biggest detrimental effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might 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 employees or not. Payroll is an important cycle, and people just observe when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the very first International Payments very first payroll payment service is a fantastic preliminary step towards providing a thorough payroll service for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account essential for global payroll are key factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we understand how how crucial 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 everybody that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and kind of try to get back to everybody so carrying on appearance why do companies select to primary different bank accounts there are Papaya Global Restore Backup organizations out there doing exactly this for specific nations and I’ve operated in an organization or lots of companies doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately people are really stuck to what they’re familiar
with ideal um modification is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous bank accounts but there’s a huge quantity of complexity opts for setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big but I think the sincere response is change um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to monitor and this method does pose numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Restore Backup