Over the last five or six years …Papaya Global E Banking Lloyds… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating variety of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency structure we’re living in a period of tech however 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 which just 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 just 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s differing Bank information 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 complexity anywhere you look best ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m always surprised when people state I have actually 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 estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so once again you’re just seeking to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely state 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 task there are teams feeding info 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 does not necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos 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 era that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from an expense point of view from an impact viewpoint on staff members it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental effect on individuals’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been impressed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has actually 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 but ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific first step um providing an end-to-end payroll option for your workers worldwide again I believe is another big um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and savings account 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 countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial a function 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 easy as possible for everyone that’s involved in those processes 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 individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting 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 need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies choose to main separate bank accounts there are Papaya Global E Banking Lloyds services out there doing precisely this for specific nations and I have actually worked in an organization or numerous services doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe people have got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but eventually individuals are extremely stuck to what they’re familiar
with right um change is a tough thing we all do not like modification um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping several checking account however there’s a substantial amount of intricacy chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is substantial but I believe the sincere response is modification um people have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety 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 are worthy of a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global E Banking Lloyds