Over the last five or six years …Payroll Tax Deferral Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer 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 fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really 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 extremely bleak and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the bottom lines 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 worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range 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 currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really very fundamental there’s no real consistency structure we’re living in an era of tech however 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 which just blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide organizations have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the required numerous 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 obstacles organization face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be consisted of right and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 sort of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by businesses throughout the world so again you’re just looking to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or genuine tough sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly 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 job there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need 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 challenging as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect perspective on staff members it is definitely important 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 greatest harmful impact on people’s well-being and many other elements if people aren’t paid uh I’ve always been astonished entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the first Global Payments first payroll payment service is a terrific primary step um offering an end-to-end payroll service for your employees globally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their Global 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 have actually never 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 grievances where things have not gone quite where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how important 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 procedures and likewise so think of sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up 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 try to check out them and in fact see what was going on and type of shot to get back to everybody so proceeding look why do companies select to primary different bank accounts there are Payroll Tax Deferral Papaya Global organizations out there doing exactly this for particular nations and I’ve operated in an organization or numerous services doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe people have actually got so used to we require a brand-new bank account we open an entity and rightly so you need 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 standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires changing but ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a difficult thing we all do not like modification um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping several checking account but there’s a big amount of complexity goes with setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is substantial however I think the honest response is change um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does position numerous obstacles um so Johnny could you tell us about those difficulties yeah of course 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 deserve a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Payroll Tax Deferral Papaya Global