Over the last five or six years …Papaya Global Auto Enrolment Nest… roles on the company side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they add additional complexity the global 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 people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll model there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or really very standard there’s no genuine consistency structure we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of international services have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they count on the necessary numerous 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 obstacles business face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it require 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 time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work closer together than ever um I’m always astonished when individuals say 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 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 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the payment landscape is becoming increasingly complex. Organizations are continually introducing brand-new advantages and payment options, which adds to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically sophisticated period, there’s no reason for maintaining troublesome treatments. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even slight hold-ups can negatively affect employees’ well-being and have far-reaching consequences. For that reason, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a great first step um offering an end-to-end payroll solution for your workers internationally once again I believe is another big um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and reducing the number of tools platforms and savings account they need for their Global payroll too could not 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand 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 everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and sort of try to return to everybody so proceeding look why do companies select to primary different checking account there are Papaya Global Auto Enrolment Nest companies out there doing precisely this for particular countries and I’ve operated in a company or numerous organizations doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and anybody that’s dealing with 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 many reasons one is it’s the requirement I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it needs changing however eventually people are very stuck with what they recognize
with best um change is a challenging thing all of us do not like modification um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving multiple checking account but there’s a big amount of intricacy chooses setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big however I think the truthful answer is change um people have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from 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 however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep track of and this technique does position a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Auto Enrolment Nest