Over the last five or six years …Can I Use Papaya Global Payroll Without Papaya Global… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the global 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 simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they include additional complexity the international Labor force is presently 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 design there’s frequently an overwhelming variety of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely basic there’s no genuine consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just 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 companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see an absence of presence likewise 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 international organizations have expressed that they don’t 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 mistakes improperly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what does not need to be consisted of ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is allowing us to kind of move on with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by companies throughout the world so again you’re simply looking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or real difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect perspective on workers it is absolutely crucial 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 have to be done right it has the greatest harmful result on individuals’s wellness and many other elements if people aren’t paid uh I’ve always been amazed entering 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 properly processing payroll throughout a webinar. If anyone has actually 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 only see when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first Global Payments first payroll payment service is a great initial action towards providing a detailed payroll solution for staff members worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account essential for international payroll are key consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyway we know how how crucial 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 everyone that’s involved in those procedures 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 numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and type of shot to get back to everyone so proceeding appearance why do companies choose to primary different bank accounts there are Can I Use Papaya Global Payroll Without Papaya Global businesses out there doing exactly this for particular countries and I have actually operated in a company or many businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not have to and anyone that’s managing that procedure 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 lots of factors one is it’s the standard I think individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering but eventually people are really stuck with what they’re familiar
with ideal um modification is a difficult thing all of us do not like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple checking account but there’s a huge quantity of complexity chooses establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is substantial but I think the honest response is change um individuals haven’t been able to change or have not had always the knowledge 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 believe it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or two there is a lot to track and this technique does posture several challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched our Business 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 employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Can I Use Papaya Global Payroll Without Papaya Global