Over the last 5 or six years …Payroll Center Papaya Global… functions on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well one of 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 rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really 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 extremely extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s frequently a frustrating number of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or very really fundamental there’s no real consistency structure we’re residing in an era of tech but payroll has been sluggish 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 each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a picture they see a lack of presence also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw 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 details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have 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 ideal ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they are like super 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 basic and technology is enabling us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely crucial 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 anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market 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 information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to add to sort of the level of complexity there’s increasingly more advantages being organ or being provided by services across the world so again you’re just seeking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from an expense viewpoint from an impact point of view on workers it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on individuals’s well-being and lots of other factors if people aren’t paid uh I’ve always been impressed coming into this Market sort of the last five to ten years is how little thanks the
The payroll group 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 staff members or not. Payroll is an essential cycle, and individuals only see when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. Therefore, it is essential to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a fantastic preliminary step towards offering a thorough payroll solution for workers worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account essential for international payroll are essential factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we know how how essential a function 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 simple as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean up 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 attempt to look through them and actually see what was going on and type of shot to get back to everybody so moving on look why do business choose to main separate checking account there are Payroll Center Papaya Global organizations out there doing exactly this for specific countries and I have actually operated in a business or many businesses doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and any person 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 amount that we are I think numerous reasons one is it’s the standard I think individuals have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing however ultimately people are really stuck to what they recognize
with right um change is a challenging thing we all don’t like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping multiple savings account but there’s a substantial amount of intricacy opts for establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big however I believe the honest answer is modification um people have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny could you tell us about those obstacles 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 jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Payroll Center Papaya Global