Over the last five or 6 years …Papaya Global New Year… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I want I was somewhere else at this moment in time fine so let’s get started our agenda 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 separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably regulations compliance information security and banking rules then there are the large numbers they add more intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s frequently an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely very standard there’s no real consistency framework we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more an organization spends on international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be included best and what does
it require to be considered there’s differing Bank information 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 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 client’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re simply looking to include a growing number of payments to this already intricate landscape so if you kind 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 genuine obstacles or genuine tough sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually 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 require to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an age 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 said payroll is the single biggest liability that any service has from an expense point of view from an effect viewpoint on staff members it is absolutely vital that it’s done correctly and on time so what we indicate 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 detrimental impact on people’s wellness and lots of other aspects if people aren’t paid uh I’ve constantly been astonished coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has actually been told 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 but eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll service for your staff members internationally once again I believe is another big um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of businesses and reducing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five 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 do not believe 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of try to return to everyone so carrying on look why do business select to main separate savings account there are Papaya Global New Year companies out there doing precisely this for particular nations and I’ve worked in a service or many businesses doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think 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 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 range I believe this is a process that requires taking a look at it requires altering however ultimately individuals are very stuck with what they recognize
with best um change is a tough thing all of us don’t like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving numerous checking account however there’s a huge amount of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is huge but I believe the sincere response is change um people haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly 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 understand what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does present numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global New Year