Over the last five or 6 years …Papaya Global Survey… roles on the provider side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly 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 dreary and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up 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 during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance data security and banking rules then there are the large numbers they include more intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll model there’s typically an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency framework 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 every time I I think
about it to provide you an idea 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 provides me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be included best and what does
it require to be thought of there’s varying 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if however some children 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to kind of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is ending up being significantly detailed. Services are constantly presenting brand-new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly sophisticated era, there’s no validation for maintaining cumbersome treatments. Payroll, the business’s most significant expense, must be processed correctly and on time. Even minor delays can adversely impact workers’ well-being and have significant effects. Therefore, it’s important to prioritize precise and prompt payments.
payroll group get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your workers globally once again I think is another substantial um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of organizations and reducing the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how important a function 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 also so imagine sorry I’m just I was simply gon na state think of the quantity 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 numerous thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely 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 try to browse them and in fact see what was going on and kind of shot to return to everyone so carrying on look why do business pick to primary separate savings account there are Papaya Global Survey companies out there doing precisely this for particular nations and I’ve worked in a business or lots of services doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and any person that’s dealing with 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 believe lots of factors one is it’s the standard I think people have got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing but ultimately people are very stuck with what they’re familiar
with ideal um change is a tough thing all of us do not like change um so I believe it’s just kind 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 understand obviously the benefits of having keeping multiple savings account but there’s a substantial quantity of complexity chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I believe the truthful answer is change um individuals have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to track and this method does position numerous difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a modification 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 acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Survey