Over the last five or 6 years …Azimo Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join we all 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 currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, 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 becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 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 a frustrating number of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really very fundamental there’s no real consistency framework we’re residing in an age of tech but 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 whenever I I think
about it to offer 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 sleepless nights and rather frankly the more a business invests in international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors badly interacted hires and terminations along with 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 an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be consisted of right 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 nation there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to kind of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work better together than ever um I’m constantly amazed when individuals state I’ve divided 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 divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on wellness and the payment landscape is becoming significantly detailed. Organizations are constantly presenting brand-new advantages and payment alternatives, which contributes to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly advanced age, there’s no validation for preserving cumbersome procedures. Payroll, the company’s most significant expenditure, must be processed correctly and on time. Even small delays can negatively impact staff members’ wellness and have significant repercussions. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll team get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but 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 crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is an excellent primary step um providing an end-to-end payroll option for your employees worldwide again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and bank accounts they need 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 five or 10 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 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 simple as possible for everyone that’s involved in those procedures and also so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of 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 certainly be an interesting task trying to clean all those up for sure oh absolutely 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 look through them and in fact see what was going on and type of shot to get back to everyone so moving on look why do companies pick to main separate bank accounts there are Azimo Papaya Global businesses out there doing exactly this for specific nations and I’ve worked in a company or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and any person that’s dealing with that process 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 believe numerous factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have 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 procedure that needs taking a look at it requires changing however eventually people are really stuck to what they recognize
with right um change is a tough thing all of us do not like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining multiple savings account but there’s a huge quantity of intricacy goes with setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge but I think the honest response is change um people have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not looking 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 track and this technique does pose a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I simply did you changed 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 Global staff members you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Azimo Papaya Global