Over the last five or six years …Papaya Global Thailand… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really uninspiring and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business maintain different
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance data security and banking rules then there are the large numbers they add more complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people 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 standard payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say 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 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 cause compliance incidents in the last mile of the transaction almost half of global companies have expressed that they don’t 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 poor HCM data information entry errors badly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great question I always toss this back and state what is it what does not need to be consisted of 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 country there’s payment time frames there’s payment abilities 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 right ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like extremely payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it likewise too to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by companies across the world so once again you’re simply seeking to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense point of view from an impact point of view on employees it is definitely 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 greatest detrimental impact on people’s well-being and many other factors if people aren’t paid uh I have actually constantly been impressed entering into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 stuff is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll solution for your workers worldwide again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and savings account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of 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 quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand 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 procedures and also so envision sorry I’m simply I was just gon na state think of 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 discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of try to get back to everybody so carrying on appearance why do companies pick to main different checking account there are Papaya Global Thailand businesses out there doing exactly this for particular nations and I have actually worked in a business or many companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s handling that procedure 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 believe numerous reasons one is it’s the standard I believe people have actually got so utilized to we require a new checking account we open an entity and rightly so you need 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 norm the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but eventually people are extremely stuck to what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping several bank accounts however there’s a huge amount of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is substantial but I believe the honest answer is modification um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or two there is a lot to monitor and this method does position numerous difficulties 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 Global employees you deserve 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 Thailand