Over the last 5 or 6 years …Papaya Global Rollback… roles on the service provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just 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 certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating variety of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really extremely standard there’s no genuine consistency framework we’re living in an era 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 typically with pen and paper and that 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 businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of global companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the wrong place the average 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 all over the world payroll and payments don’t run smoothly if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs 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 say what is it what does not need to be included 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 country there’s payment time frames 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 complexity wherever you look right eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly payments no if however 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely essential that payroll and financing groups work better together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split 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 procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by companies across the world so once again you’re just aiming to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or real difficult type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger a service 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 in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an impact perspective on employees it is absolutely vital 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 most significant harmful result on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been impressed entering this Market sort of the last five to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally as well. For that reason, it is essential to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the very first Global Payments very first payroll payment service is a fantastic initial action towards providing a detailed payroll solution for staff members worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account necessary for global payroll are crucial factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
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 associated with those procedures and likewise so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and sort of try to return to everyone so proceeding appearance why do business select to primary different savings account there are Papaya Global Rollback businesses out there doing exactly this for particular countries and I’ve worked in a business or many businesses doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think individuals have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it requires changing but eventually people are very stuck with what they’re familiar
with best um modification is a challenging thing all of us do not like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving multiple bank accounts however there’s a substantial amount of intricacy chooses setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is substantial however I believe the truthful response is change um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep track of and this approach does position several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply 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 International workers you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Rollback