Over the last 5 or 6 years …Gusto V Papaya Global… functions on the company side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was elsewhere at this moment in time okay 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 maintain separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated 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 businesses and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or really really standard there’s no genuine consistency framework we’re residing in an era 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 typically with pen and paper which just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors badly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought about 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and technology is enabling us to kind of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by companies across the world so once again you’re simply aiming to include more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges 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 years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily 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 operate 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 era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact perspective on workers it is definitely crucial that it’s done correctly 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 result on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been impressed entering into this Market type of the last five 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 actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everybody 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 very first Global Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll service for your employees worldwide once again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and savings account they require for their Worldwide 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 countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how essential 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 procedures and likewise so imagine 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 people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and sort of try to get back to everybody so moving on look why do business choose to main separate savings account there are Gusto V Papaya Global organizations out there doing exactly this for particular nations and I have actually operated in a company or lots of companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and any person that’s handling 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 many reasons one is it’s the requirement I think individuals 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 think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering but ultimately individuals are really stuck with what they recognize
with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping multiple savings account however there’s a big amount of intricacy chooses setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is substantial but I believe the honest answer is change um people haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to track and this method does pose several difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Gusto V Papaya Global