Over the last 5 or 6 years …Papaya Global Add Payroll Admin As Employee… roles on the provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just 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 type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly 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 really very dreary and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they include further 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 additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s often a frustrating variety of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or very very standard there’s no real consistency framework 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 often with pen and paper and that simply blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on global payroll the less of an image they see an absence of presence also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global services 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 errors are because of time reporting poor HCM data data entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and say what is it what does not need to be consisted of best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is definitely important however all over you look with payroll payment they resemble super payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market 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 data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to add to kind of the level of complexity there’s more and more advantages being organ or being used by businesses across the world so again you’re just wanting to add increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need 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 needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense viewpoint from an effect viewpoint on employees it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging effect on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only observe when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. Therefore, it is essential to guarantee that tasks like Wi-Fi International and other crucial matters are done correctly. Using the very first Worldwide Payments very first payroll payment service is a terrific initial step towards supplying a thorough payroll solution for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account required for global payroll are essential consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand 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 everybody that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and type of shot to return to everybody so carrying on appearance why do business select to main different checking account there are Papaya Global Add Payroll Admin As Employee companies out there doing exactly this for specific countries and I have actually operated in an organization or many companies doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I believe people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe 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 add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it needs altering but eventually people are extremely stuck with what they recognize
with best um modification is a challenging thing we all don’t like change um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous savings account however there’s a huge quantity of intricacy goes with establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is substantial but I think the honest response is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to monitor and this technique does present several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Add Payroll Admin As Employee