Over the last 5 or 6 years …Papaya Global Falkland Islands… roles on the company side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 drizzling here it’s really really dreary and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different 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 go over why they are ending up being a tactical possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 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 frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency framework we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on international payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count 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 needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be included right and what does
it require to be thought of there’s varying 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely important however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in 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 enabling us to sort of move on with that it likewise also to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being offered by businesses across the world so again you’re just wanting to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast 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 indicate over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more timely 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 understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any service has from an expense point of view from an impact point of view on workers it is definitely critical 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 have to be done right it has the greatest detrimental result on people’s wellness and numerous other aspects if people aren’t paid uh I’ve constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally too. Therefore, it is important to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is a terrific initial action towards providing a detailed payroll service for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account necessary for international payroll are crucial consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we understand how how essential 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 easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t envision 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 in fact see what was going on and sort of shot to return to everybody so moving on look why do business choose to primary separate savings account there are Papaya Global Falkland Islands organizations out there doing precisely this for particular countries and I have actually operated in a business or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not 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 amount that we are I think numerous reasons one is it’s the standard I think people have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing however ultimately individuals are really stuck with what they recognize
with right um change is a challenging thing we all don’t like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having keeping multiple savings account but there’s a big quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge however I think the truthful response is modification um individuals haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does pose a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Business 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 more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Falkland Islands