Over the last five or six years …Papaya Global 50… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone 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 raining here it’s very very gloomy and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add further complexity the worldwide 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s frequently 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 really really basic there’s no genuine consistency structure we’re residing in an age of tech but payroll has actually been slow 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 believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on global payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide services have actually revealed 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 information data entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be included right and what does
https://www.youtube.com/watch?v=pNjMoPeng0A
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 any place you look best ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m always astonished when people state I have actually split payroll and payment um if you walk down the street and asked anyone 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 a market accept that why our payroll and payments so frequently 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations throughout the world so again you’re just aiming to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from a cost point of view from an impact viewpoint on workers it is absolutely critical that it’s done properly 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 greatest destructive impact on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a great primary step um providing an end-to-end payroll service for your staff members globally once again I think is another substantial um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of services and minimizing 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how important 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 everyone that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that lots of 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 absolutely be a fascinating job attempting to clean up 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 attempt to look through them and really see what was going on and sort of shot to return to everybody so moving on look why do business pick to main separate bank accounts there are Papaya Global 50 organizations out there doing precisely this for specific countries and I have actually operated in a business or many companies doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals 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 think this is a process that requires taking a look at it requires altering however eventually people are really stuck with what they recognize
with right um change is a difficult thing all of us do not like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having maintaining multiple savings account however there’s a huge amount of complexity goes with setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is big but I believe the sincere response is change um people have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep track of and this method does posture several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched our Enterprise 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 workers you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 50