Over the last 5 or 6 years …Changing Processing Date Papaya Global… functions on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two 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 intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly policies compliance data security and banking rules then there are the large numbers they include more intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 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 typically a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very very 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 frequently with pen and paper and that just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide services have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the incorrect place the typical expense of a worldwide 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 smoothly if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included ideal 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 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely payments no if however some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to type of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data 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 live in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being offered by companies throughout the world so once again you’re simply seeking to include a growing number of payments to this currently intricate landscape so if you sort 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 real difficulties or real challenging kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works 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 managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any business has from a cost perspective from an impact perspective on employees it is absolutely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental effect on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic initial step um offering an end-to-end payroll service for your employees globally once again I believe is another huge um process again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow 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 associated with those processes and likewise so think of sorry I’m just I was simply gon na say think of the amount 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 numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of shot to return to everybody so carrying on look why do business pick to primary separate bank accounts there are Changing Processing Date Papaya Global businesses out there doing exactly this for particular countries and I have actually worked in a business or numerous companies doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering however ultimately people are extremely stuck to what they’re familiar
with best um modification is a challenging thing all of us do not like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving several savings account but there’s a big quantity of complexity chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is huge however I think the truthful answer is modification um people haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this technique does present several difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Changing Processing Date Papaya Global