Over the last five or 6 years …Papaya Global Aeo… roles on the service provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort 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 everybody comes from and I really 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 extremely very bleak and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset 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 effectively safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they include additional complexity the international Workforce 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s often a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very really standard there’s no real consistency structure we’re residing in a period 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 frequently with pen and paper and that simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in international payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what does not require to be consisted of best and what does
it need 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 amount of time there’s payment capabilities 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 intricacy anywhere you look best eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if however some babies 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 acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to kind of progress with that it also also to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to add to sort of the level of intricacy there’s a growing number of benefits being organ or being used by businesses throughout the world so again you’re simply looking to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any company has from a cost viewpoint from an effect perspective on workers it is absolutely 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 destructive result on people’s wellness and many other elements if people aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this type 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 but eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll option for your workers worldwide again I think is another big um procedure again lining up and ensuring you have standardization Global processes all of those things are definitely crucial to success success of services and lowering the number of tools platforms and checking account they require for their International 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 thousand of 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 haven’t gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how important a role 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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everybody so moving on appearance why do companies pick to primary different bank accounts there are Papaya Global Aeo organizations out there doing exactly this for specific nations and I have actually operated in a service or many services doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and anyone that’s managing 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 amount that we are I believe many reasons one is it’s the requirement I think individuals have actually got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by 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 process that needs looking at it needs altering but ultimately people are very stuck with what they recognize
with ideal um change is a challenging thing all of us don’t like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having preserving multiple savings account however there’s a huge amount of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is big but I think the truthful answer is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to track and this method does present a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise 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 acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Aeo