Over the last five or six years …W-2 From Papaya Global… functions on the supplier side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting 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 everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely gloomy and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they include further complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 world in the conventional payroll model there’s typically an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or very really standard there’s no real consistency framework we’re residing in an age of tech however payroll has 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 every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in international payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what does not require to be consisted of right and what does
it require to be thought of there’s varying 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to type of move on with that it likewise also to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so once again you’re just seeking to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or real challenging type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely state that the larger a company 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 groups feeding details into the next function as it were that’s really managing 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 understand long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more timely they make them less efficient 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 operating in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from an expense perspective from an impact viewpoint on staff members it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on individuals’s wellness and numerous other factors if individuals 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
payroll team get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll properly 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 a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first Global Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll solution for your employees globally again I think is another huge um procedure again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyway we know 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 processes and likewise so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely 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 held true um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies choose to primary separate bank accounts there are W-2 From Papaya Global companies out there doing precisely this for particular countries and I have actually worked in an organization or lots of services doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not need to and any person that’s dealing with that process 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 think lots of reasons one is it’s the standard I think people have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it requires changing however eventually people are extremely stuck with what they recognize
with best um change is a challenging thing we all do not like change um so I believe it’s just sort 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 clearly the advantages of having maintaining numerous bank accounts however there’s a huge amount of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is substantial however I think the truthful answer is change um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to monitor and this method does posture a number of obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. W-2 From Papaya Global