Over the last 5 or 6 years …Papaya Global 100M Series Capital Partners… functions on the service provider side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well one of 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 currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 really extremely uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they add more complexity the worldwide Labor force is presently 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 around the globe in the standard payroll design there’s often a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very very standard there’s no real consistency framework we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of global companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective 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 throw this back and say what is it what doesn’t need to be included ideal and what does
it need 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 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 client’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 basic and technology is permitting us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by services across the world so once again you’re simply aiming to include increasingly more payments to this currently intricate landscape so if you type 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 difficulties or real challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say 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 task there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run 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 an era 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 tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense perspective from an effect viewpoint on workers 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 biggest destructive effect on people’s wellness and many other elements if people aren’t paid uh I’ve always been amazed entering into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally also. Therefore, it is vital to guarantee that jobs like Wi-Fi Global and other essential matters are done correctly. Using the first International Payments first payroll payment service is a great initial action towards offering a detailed payroll service for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account required for global payroll are essential consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
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 associated with those procedures and also so imagine sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and kind of shot to return to everyone so carrying on look why do business pick to main different bank accounts there are Papaya Global 100M Series Capital Partners services out there doing exactly this for particular countries and I’ve worked in a service or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not need to and anyone 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 numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing but eventually individuals are very stuck to what they recognize
with ideal um change is a tough thing all of us do not like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving numerous savings account however there’s a substantial quantity of intricacy opts for setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is huge however I believe the truthful response is change um individuals have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this method does posture several difficulties um so Johnny might you inform us about those challenges yeah obviously 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 deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 100M Series Capital Partners