Over the last five or 6 years …Papaya Global Community… roles on the service provider side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually 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 very extremely dreary and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they add further intricacy the worldwide Workforce is currently 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 currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or really really fundamental there’s no genuine 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 simply blows my mind each 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 organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they count on the essential numerous procedures systems and partners it is simply 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 employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought of 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 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 customer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to type of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work better together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so again you’re just wanting to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or real tough kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an effect viewpoint on staff members it is definitely vital 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 need to be done right it has the greatest detrimental effect on individuals’s well-being and numerous other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other vital matters are done properly. Using the first International Payments first payroll payment option is a fantastic initial step towards providing an extensive payroll option for staff members worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and bank accounts necessary for international payroll are essential factors in accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we know 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 associated with those procedures and also so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many 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 a fascinating job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so moving on look why do business select to primary separate bank accounts there are Papaya Global Community businesses out there doing exactly this for particular countries and I have actually worked in a business or numerous organizations doing exactly that I can say it does not always feel effective 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 have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a process that requires looking at it needs altering but eventually people are really stuck with what they recognize
with ideal um modification is a hard thing all of us don’t like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining numerous checking account but there’s a substantial amount of complexity opts for setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is huge however I think the honest answer is modification um individuals have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does pose numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Community