Over the last 5 or 6 years …Papaya Global Summary Report… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of 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 interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 really very gloomy and I wish I was somewhere else at this moment in time all right 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 handling Global payroll why business keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is currently 3 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 currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s frequently a frustrating variety of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely extremely fundamental there’s no real consistency framework we’re residing in a period 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 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 just 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in international payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global organizations have 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 mistakes inadequately communicated hires and terminations along with lack management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be included right and what does
it need to be considered there’s differing 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 abilities 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 intricacy anywhere you look ideal ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if but some children 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 fundamental and technology is allowing us to type of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to add to kind of the level of complexity there’s more and more advantages being organ or being provided by businesses across the world so once again you’re just wanting to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough sort of pay uses to play to pay people I think yeah I imply over the last well yeah a couple 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 job there are teams feeding information into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact viewpoint on staff members it is definitely critical that it’s done correctly and on time so what we indicate 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 destructive impact on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been astonished entering this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a terrific initial step um supplying an end-to-end payroll option for your workers worldwide again I believe is another substantial um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of businesses and decreasing the number of tools platforms and checking account they need for their International 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not think any of us are in fact 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 easy as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean up 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 attempt to check out them and really see what was going on and sort of shot to return to everybody so moving on appearance why do companies select to main different savings account there are Papaya Global Summary Report organizations out there doing precisely this for particular nations and I have actually worked in a company or lots of organizations doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I think individuals have actually got so used to we require a new checking account we open an entity and appropriately so you require 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 standard individuals have 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 sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires changing but ultimately individuals are really stuck with what they recognize
with best um change is a challenging thing all of us don’t like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining several savings account however there’s a big quantity of intricacy chooses establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is huge however I think the sincere response is change um individuals haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does position numerous obstacles um so Johnny could you inform us about those challenges yeah of course 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 handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Summary Report