Over the last five or six years …Papaya Global Clear Locks… roles on the company side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise offer a recap 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 stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the global Labor force is currently three and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really extremely fundamental there’s no genuine consistency framework we’re living in a period 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 just 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 businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in global payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped 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 worldwide payroll and payments do not run efficiently if they depend on the essential multiple 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 challenges organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be included best and what does
it need to be thought about 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 definitely essential and technology is allowing us to type of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m constantly astonished when individuals state 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 profession would they divide the payroll payment from calculation 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 information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so again you’re just seeking to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real difficulties or real difficult sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from a cost point of view from an impact perspective on staff members it is definitely vital 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 have to be done right it has the biggest destructive impact on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually always been impressed entering this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only see when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the very first Worldwide Payments very first payroll payment service is a fantastic preliminary action towards providing a comprehensive payroll service for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account needed for global payroll are crucial factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand how how crucial a function 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 easy as possible for everyone that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of 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 in fact see what was going on and sort of try to return to everyone so carrying on look why do business choose to main different savings account there are Papaya Global Clear Locks companies out there doing exactly this for specific countries and I have actually operated in a company or numerous businesses doing precisely that I can say it doesn’t always feel efficient 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 don’t have to and anybody that’s handling 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 amount that we are I believe numerous factors one is it’s the standard I think people have got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that needs taking a look at it requires altering however ultimately individuals are very stuck to what they recognize
with best 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 have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping several checking account but there’s a substantial amount of complexity goes with establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is huge however I think the honest response is change um people have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century approximately there is a lot to monitor and this method does position several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Clear Locks