Over the last 5 or six years …Papaya Global Chocodaps… roles on the supplier side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates 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 drizzling here it’s extremely very gloomy and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. 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 property 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 properly effectively securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s frequently a frustrating variety of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely really basic there’s no genuine consistency framework we’re residing in an era 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 typically with pen and paper and that simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on international payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the required several 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 obstacles service face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s differing Bank details 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely crucial but 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 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 fundamental and technology is permitting us to type of progress with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people say I’ve split 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being used by services throughout the world so again you’re simply seeking to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or real difficult sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era 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 challenging as it requires to be concurred and rightly as you said payroll is the single most significant liability that any organization has from a cost perspective from an impact point of view on staff members it is definitely critical that it’s done properly 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 most significant harmful impact on individuals’s wellness and numerous other aspects if people aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind 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 workers or not um however ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 things is absolutely important that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a terrific initial step um providing an end-to-end payroll solution for your workers internationally again I think is another huge um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and decreasing the variety of tools platforms and bank accounts they need 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant 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 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 simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t think of 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 actually see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies choose to main separate checking account there are Papaya Global Chocodaps organizations out there doing precisely this for particular countries and I have actually operated in an organization or numerous organizations doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anybody that’s dealing with that procedure 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 believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other methods um to to kind 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 however ultimately people are very stuck with what they recognize
with right um modification is a tough thing we all don’t like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving several checking account but there’s a substantial quantity of complexity goes with establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is substantial but I think the honest answer is change um people haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to monitor and this method does posture several difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just did you changed 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 International employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Chocodaps