Over the last five or 6 years …Adp Vs Papaya Global… roles on the provider side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone 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 certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a recap which needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and managing them becomes a growing number of complicated Worldwide companies are looking to find Solutions and new ways to simplify procedures especially from a payroll and cross-border payment perspective many organizations preserve separate checking account just for payroll while some have several accounts in different nations does it make good sense for business to keep different savings account sometimes in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they include more complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated 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 companies and growing all doing their own thing all over the world in the standard payroll design there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely really standard there’s no real consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services 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 mistakes are because of time reporting poor HCM data information entry errors badly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be included right and what does
it need to be thought about there’s differing 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 innovation is allowing us to type of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state I have actually divided 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 estimation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the compensation landscape is ending up being progressively complex. Companies are constantly presenting new benefits and payment choices, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technologically sophisticated era, there’s no justification for keeping troublesome treatments. Payroll, the company’s biggest expenditure, should be processed properly and on time. Even slight delays can adversely affect staff members’ well-being and have far-reaching effects. Therefore, it’s critical to prioritize precise and prompt payments.
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally too. Therefore, it is essential to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is an excellent preliminary action towards offering an extensive payroll option for staff members worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account necessary for international payroll are essential factors in attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow 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 associated with those procedures and likewise so think of sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying 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 attempt to check out them and really see what was going on and type of try to return to everyone so carrying on appearance why do companies select to primary different checking account there are Adp Vs Papaya Global companies out there doing precisely this for specific countries and I have actually worked in an organization or many companies doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s managing that process 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 believe many reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it needs altering but eventually individuals are extremely stuck to what they recognize
with right um modification is a tough thing all of us don’t like change um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having preserving multiple checking account but there’s a huge quantity of intricacy chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is big however I think the sincere answer is modification um people haven’t had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does posture several obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Adp Vs Papaya Global