Over the last five or 6 years …Average Cost For Payroll Services Papaya Global… roles on the company side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply 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 raining here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they include further intricacy the global Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 around the world in the traditional payroll design there’s frequently a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very extremely standard there’s no real consistency framework 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 typically with pen and paper which just blows my mind every time I I believe
about it to give 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 gives me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance incidents 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 procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the incorrect place 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 around the globe payroll and payments don’t run smoothly if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be included right and what does
it require to be thought of there’s differing 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 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 client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and innovation is allowing us to type of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by organizations across the world so once again you’re just looking to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the larger an organization 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 details into the next function as it were that’s in fact handling the payment side of things however 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 need to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense viewpoint from an impact perspective on workers it is definitely 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 most significant destructive effect on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve always been astonished entering this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a terrific first step um offering an end-to-end payroll option for your workers internationally once again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how essential 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 everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting 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 actually see what was going on and type of try to return to everybody so moving on appearance why do business select to main different savings account there are Average Cost For Payroll Services Papaya Global companies out there doing exactly this for particular countries and I’ve operated in an organization or lots of companies doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we don’t need to and any person 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 amount that we are I think many 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 appropriately 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 requirement and the norm the people have actually adopted 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 methods um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering but eventually people are very stuck with what they’re familiar
with ideal um change is a tough thing we all don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving numerous checking account but there’s a substantial quantity of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big however I think the sincere answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this method does present several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I simply did you changed 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 Worldwide staff members you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Average Cost For Payroll Services Papaya Global