Over the last five or six years …Papaya Global Director Table Method… functions on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind 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 kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really bleak and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add further intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s often a frustrating number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely extremely basic there’s no genuine consistency framework we’re residing in an era 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 typically with pen and paper which just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in international payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal almost half of global services have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors inadequately communicated hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the essential several 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 business face when they’re paying to employees or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be considered 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the payment landscape is becoming significantly detailed. Businesses are constantly introducing new benefits and payment choices, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly advanced era, there’s no reason for keeping troublesome treatments. Payroll, the business’s greatest cost, should be processed correctly and on time. Even minor hold-ups can adversely impact workers’ well-being and have significant consequences. Therefore, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think 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 things is definitely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a terrific first step um providing an end-to-end payroll service for your workers globally again I think is another big um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not 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 rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how important 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 everyone that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and type of try to return to everyone so moving on look why do business pick to primary separate checking account there are Papaya Global Director Table Method organizations out there doing exactly this for particular countries and I’ve operated in a service or lots of organizations doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anybody that’s handling 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing but eventually individuals are extremely stuck to what they’re familiar
with right um change is a challenging thing we all do not like change um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving several bank accounts but there’s a substantial quantity of intricacy opts for setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is substantial but I believe the honest response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this method does position a number of obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Director Table Method