Over the last five or 6 years …Papaya Global 1099… roles on the service provider side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join we all 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 currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 very uninspiring and I want I was somewhere else 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 Global payroll why business preserve separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different 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 discuss why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs 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 difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include more complexity the worldwide Labor force 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 presently 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 often an overwhelming number of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or extremely really standard there’s no genuine consistency framework we’re residing in an age of tech however 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 simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data 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 a photo they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global organizations 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 due to time reporting bad HCM information data entry errors poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped 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 efficiently if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what does not need to be included ideal 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 country there’s payment timespan there’s payment abilities 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 any place you look right ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely fundamental and innovation is enabling us to kind of move forward with that it also too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place 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 essential to add to type of the level of intricacy there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re simply looking to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details 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 always require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we run 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 age of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an effect viewpoint on workers it is definitely vital 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 greatest harmful impact on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the very first International Payments very first payroll payment solution is a fantastic preliminary step towards offering a thorough payroll service for staff members worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account required for global payroll are crucial factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how important a role 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 likewise so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case 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 return to everybody so carrying on look why do companies select to main separate checking account there are Papaya Global 1099 businesses out there doing precisely this for specific nations and I have actually operated in a service or many companies doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering however eventually individuals are very stuck to what they’re familiar
with ideal um change is a tough thing all of us don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving multiple bank accounts but there’s a substantial quantity of intricacy chooses setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is huge but I think the sincere answer is change um people have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does posture numerous difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 1099