Over the last 5 or six years …Papaya Global.Conm… functions on the service provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of 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 intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s really extremely bleak and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines 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 walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they add further complexity the global Labor force is presently three and a half billion people by 2030 it’s estimated 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 consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely very fundamental there’s no genuine consistency framework we’re residing in an age of tech however 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 believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on international payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international organizations 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 bad HCM information information entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed multiple processes 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 challenges company face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be consisted of best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to type of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals say 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 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 ultimately it’s payroll is an end-to-end process it’s the point of data 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 important to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by companies throughout the world so again you’re just looking to add increasingly more payments to this already 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 obstacles or real difficult type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly say that the bigger 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 information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we mean 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 detrimental impact on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails 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 absolutely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a fantastic primary step um providing an end-to-end payroll option for your staff members internationally again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and reducing the number 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 terms of of the thank yous for getting payroll done I’ve never had a hundred countless 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 complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand 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 everybody that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean up 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 need days of the week to attempt to check out them and in fact see what was going on and type of try to return to everyone so moving on look why do business choose to main separate savings account there are Papaya Global.Conm companies out there doing precisely this for particular countries and I have actually worked in an organization or lots of services doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I believe people have actually 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 norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing but ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a tough thing we all don’t like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving numerous checking account however there’s a huge quantity of intricacy opts for setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is big but I think the honest answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this approach does position numerous difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply 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 Worldwide employees you are worthy of a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global.Conm