Over the last 5 or 6 years …Papaya Global Versions… functions on the provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly 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 drizzling here it’s very very gloomy and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession 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 accurately effectively securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they add additional intricacy the international Workforce is presently three and a half billion people by 2030 it’s approximated 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s frequently an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or very extremely standard there’s no real consistency structure we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 best eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 allowing us to type of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Savings 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 individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 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 however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s more and more benefits being organ or being offered by businesses across the world so again you’re simply seeking to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real difficulties or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups 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 however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we operate 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 era that you know that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an effect perspective on staff members it is absolutely crucial that it’s done correctly 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 biggest harmful result on people’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally too. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Global Payments first payroll payment service is a terrific initial step towards providing a comprehensive payroll solution for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and bank accounts needed for worldwide payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how crucial 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 involved in those processes and also so envision sorry I’m just I was just gon na state imagine 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 possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to return to everyone so moving on look why do companies pick to primary different savings account there are Papaya Global Versions services out there doing exactly this for particular nations and I have actually worked in an organization or many companies doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have 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 lots of factors one is it’s the standard I think individuals have got so used to we require a brand-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 simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but eventually people are really stuck to what they recognize
with right um change is a tough thing all of us do not like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining several checking account but there’s a substantial quantity of intricacy goes with establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is substantial but I think the truthful response is change um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings 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 however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep track of and this approach does posture numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety 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 seems like our CFO has gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Versions