Over the last 5 or 6 years …Papaya Global V27.04… functions on the supplier side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite 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 originates from and I actually 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 very bleak and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep different
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is currently three and a half billion people 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 services and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely very basic there’s no genuine consistency framework we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the average cost of a global information 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 don’t run smoothly if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not need to be included right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely vital 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by businesses across the world so once again you’re just wanting to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real tough sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would absolutely say that the larger a business 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 groups feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an impact point of view on employees it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging impact on individuals’s wellness and many other factors if people aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has been informed 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 ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply 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 things is definitely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll option for your employees worldwide again I believe is another huge um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely key to success success of companies and reducing the variety of tools platforms and bank accounts they require for their Worldwide 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 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 grievances where things have not gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 everyone that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t think of 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 in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do companies select to main different savings account there are Papaya Global V27.04 services out there doing exactly this for particular countries and I’ve operated in an organization or numerous organizations doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s handling 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 many factors one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs changing but ultimately individuals are extremely stuck to what they recognize
with best um modification is a challenging thing all of us do not like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining numerous checking account however there’s a substantial quantity of intricacy chooses setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big but I believe the honest answer is modification um people have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to track and this approach does posture a number of difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched our Business 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 employees you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global V27.04