Over the last five or six years …Eyu Papaya Global… functions on the supplier side and also on the supplier side from a payroll perspective 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 offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really bleak and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic 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 precisely efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they include additional intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming variety of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has actually been slow 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 Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have expressed that they do not 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 bad HCM data information entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the essential numerous 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 business face when they’re paying to employees or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 client’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely important but all over you look with payroll payment they are like very payments no if however 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 procedure 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 third parties so with the
world we live in and wellness being increasingly more essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re just looking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would certainly state that the bigger 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 teams feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an effect viewpoint on workers it is absolutely crucial 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 detrimental impact on people’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has actually 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 employees or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout 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 vital that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a terrific first step um providing an end-to-end payroll service for your workers worldwide once again I think is another big um process once again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of organizations and minimizing the variety of tools platforms and bank accounts they require for their International 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 thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of shot to return to everybody so carrying on look why do companies choose to main separate bank accounts there are Eyu Papaya Global companies out there doing exactly this for particular nations and I have actually worked in a company or lots of companies doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe people have actually got so utilized to we require 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 think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs changing however eventually people are really stuck with what they recognize
with right um modification is a hard thing we all don’t like modification um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving several bank accounts but there’s a huge quantity of intricacy opts for setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is substantial but I think the truthful response is modification um individuals have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to track and this approach does posture numerous difficulties um so Johnny could you tell us about those challenges yeah of course 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 workers you deserve a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Eyu Papaya Global