Over the last 5 or 6 years …◊Ó◊Ë◊®◊™ Papaya Global… roles on the company side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another couple 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 rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 drizzling here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business preserve different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise provide a wrap-up of the bottom lines 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 worldwide pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add further complexity the global Labor force is currently three and a half billion individuals 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 consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very extremely basic there’s no real consistency framework we’re living in an era 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 and that just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide services have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the essential multiple processes 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 challenges business face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be consisted of best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re just seeking to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or real difficult sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you know 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 need to create extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect viewpoint on employees it is definitely crucial that it’s done correctly and on time so what we suggest 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 destructive effect on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been amazed coming into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent 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 hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your staff members worldwide once again I think is another huge um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and savings account they require for their International payroll too could not 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 countless 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 have not gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how crucial a function 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 also so envision sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up 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 need days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everyone so carrying on appearance why do business pick to primary separate checking account there are ◊Ó◊Ë◊®◊™ Papaya Global services out there doing exactly this for particular countries and I have actually worked in a company or lots of businesses doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s handling 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 think many factors one is it’s the requirement I believe people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing but eventually people are extremely stuck with what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I think it’s just 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 understand obviously the advantages of having keeping several savings account however there’s a huge amount of intricacy chooses establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is substantial however I think the sincere answer is modification um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just did you changed our Business 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 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you ◊Ó◊Ë◊®◊™ Papaya Global