Over the last five or 6 years …Rti On Papaya Global… functions on the supplier side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind 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 type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance data security and banking guidelines then there are the large numbers they add more intricacy the global Workforce is currently 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 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 world in the conventional payroll design there’s typically a frustrating number of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or really really basic there’s no real consistency structure we’re residing in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure 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 international companies have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a great concern I always 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 differing 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 client’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and innovation is allowing us to kind of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by businesses across the world so again you’re just looking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or real difficult sort of pay utilizes to play to pay individuals I think yeah I suggest 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 works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from a cost viewpoint from an effect point of view on staff members it is absolutely crucial that it’s done properly 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 greatest destructive impact on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually always been surprised entering this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a terrific primary step um offering an end-to-end payroll service for your staff members globally again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of 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 absolutely be an interesting task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so proceeding look why do companies pick to primary different checking account there are Rti On Papaya Global companies out there doing precisely this for particular countries and I have actually operated in a business or numerous organizations doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and any person that’s managing 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 quantity that we are I believe many factors one is it’s the standard I think individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions 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 embraced 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 lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but ultimately individuals are extremely stuck to what they recognize
with right um change is a challenging thing all of us do not like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving several checking account however there’s a big quantity of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is huge however I believe the sincere answer is modification um individuals haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or so there is a lot to keep an eye on and this method does posture several difficulties um so Johnny could you inform us about those obstacles yeah obviously 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of 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 Rti On Papaya Global