Over the last five or six years …Will Papaya Global Run Without Sage Accounts… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately 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 kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is 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 very extremely bleak and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset 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 precisely efficiently firmly 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 business accurately anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most notably policies compliance data security and banking rules then there are the sheer numbers they include further intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s typically a frustrating number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency framework we’re residing 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 simply blows my mind every 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 gives me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they do not 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 data entry errors inadequately communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they count on the essential multiple processes systems and partners it is just 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 making payments to workers or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought of there’s varying 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely important however all over you look with payroll payment they are like extremely payments no if however 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 think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to sort of progress with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m always impressed when people say I’ve split payroll and payment um if you stroll 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 an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being offered by companies throughout the world so again you’re simply aiming to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging kind of pay utilizes to play to pay people I think yeah I suggest 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 functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect viewpoint on staff members it is absolutely important 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 have to be done right it has the most significant detrimental impact on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told 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 staff members or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll option for your workers globally again I believe is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of businesses 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 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 don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated 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 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 simple as possible for everybody that’s associated with those processes and also so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and type of try to get back to everyone so proceeding look why do companies choose to primary separate bank accounts there are Will Papaya Global Run Without Sage Accounts services out there doing precisely this for particular nations and I have actually operated in a business or numerous services doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe people have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe 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 people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it needs changing but ultimately individuals are extremely stuck to what they’re familiar
with right um change is a challenging thing all of us do not like change um so I think 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 undoubtedly the benefits of having maintaining multiple savings account but there’s a substantial amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the intricacy is substantial but I think the truthful response is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to monitor and this approach does pose several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Business 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 actually gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Will Papaya Global Run Without Sage Accounts