Over the last five or 6 years …Clocking In System That Works With Papaya Global… roles on the company side and likewise on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another number 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 fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very dreary and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies keep different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they add additional intricacy the worldwide Workforce is currently 3 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 businesses and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating variety of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or really really fundamental there’s no real consistency structure we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply 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 only 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in international payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide organizations have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the required several processes 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 challenges service face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be considered there’s varying Bank information 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely crucial however everywhere 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 sort of link 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 innovation is permitting us to sort of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups work closer together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by companies throughout the world so once again you’re just looking to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or real challenging type of pay utilizes to play to pay people I think yeah I suggest 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 functions um there are teams 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 but you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more timely they make them less effective 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 challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost perspective from an effect viewpoint on employees it is definitely critical 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 need to be done right it has the biggest destructive result on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been astonished entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only notice when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. Therefore, it is vital to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment solution is a terrific initial step towards providing a comprehensive payroll option for staff members worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and checking account needed for worldwide payroll are crucial consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we know how how important 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 involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting 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 require days of the week to try to look through them and really see what was going on and sort of shot to return to everyone so proceeding look why do business pick to main different savings account there are Clocking In System That Works With Papaya Global businesses out there doing precisely this for specific countries and I’ve operated in an organization or numerous businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think people have got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering but ultimately people are very stuck to what they’re familiar
with right um change is a hard thing we all do not like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping multiple checking account however there’s a huge amount of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is big however I think the truthful response is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to monitor and this method does pose a number of difficulties um so Johnny might 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 feels like our CFO has gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Clocking In System That Works With Papaya Global