Over the last 5 or 6 years …Papaya Global Alternative… functions on the supplier side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type 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 everybody comes 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 really really bleak and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals 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 all over the world in the standard payroll model there’s frequently a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or really very basic there’s no genuine consistency structure we’re living in an era of tech however 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 which just blows my mind every 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 companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of international companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average cost 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 all over the world payroll and payments don’t run smoothly if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble very 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 basic and innovation is allowing us to kind of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals say I’ve divided 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 process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to kind of the level of intricacy there’s more and more benefits being organ or being offered by services throughout the world so once again you’re simply looking to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would certainly state 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 information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from an expense perspective from an impact viewpoint on workers it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental impact on people’s well-being and many other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Using the first Worldwide Payments first payroll payment service is a fantastic initial step towards supplying an extensive payroll solution for staff members worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and bank accounts essential for global payroll are crucial consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we know how how essential 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 also 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’m sure we’re speaking about numerous thousands possibly 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 certainly be an interesting job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so moving on appearance why do companies pick to main separate checking account there are Papaya Global Alternative businesses out there doing precisely this for specific nations and I have actually worked in a company or lots of services doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe people have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering however ultimately people are extremely stuck to what they’re familiar
with right um change is a tough thing all of us 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 stuff um I comprehend obviously the advantages of having keeping multiple bank accounts but there’s a substantial quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge however I believe the honest response is modification um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined 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 might you tell us about those obstacles yeah of course so there’s a variety right there is so
I recently made a change to our Business 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 enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Alternative