Over the last 5 or six years …How Long Does Papaya Global To Pay… roles on the company side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of 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 rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly 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 extremely very gloomy and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll design there’s often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely really fundamental there’s no genuine consistency structure we’re residing 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 just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good question I always toss this back and say what is it what does not require 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 nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to type of move on with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data 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 live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re just looking to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an impact perspective on employees it is definitely vital that it’s done correctly 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 harmful effect on individuals’s well-being and many other elements if people aren’t paid uh I’ve always been amazed entering this Market kind of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually 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 see when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments first payroll payment option is a terrific preliminary step towards supplying an extensive payroll solution for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account necessary for worldwide payroll are crucial factors in attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyhow we know how how important a function 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 easy as possible for everybody that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision 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 definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and kind of shot to return to everybody so carrying on appearance why do business select to primary different bank accounts there are How Long Does Papaya Global To Pay companies out there doing exactly this for particular countries and I’ve worked in a service or many services doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s dealing with 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 lots of factors one is it’s the standard I think people have actually got so used to we require a new checking 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 think it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however eventually people are really stuck with what they recognize
with best um change is a challenging thing we all don’t like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple savings account but there’s a huge amount of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is substantial but I think the truthful response is change um individuals have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no real 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 identified to be the next Century or so there is a lot to monitor and this approach does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range 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 deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you How Long Does Papaya Global To Pay