Over the last five or six years …Papaya Global Coronavirus Ssp… roles on the provider side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody 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 definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages 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 main points 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 walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast 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 hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they add further complexity the international Labor force is presently 3 and a half billion people 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 companies and growing all doing their own thing all over the world in the traditional payroll design there’s often an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really really fundamental there’s no real consistency structure we’re living in an age of tech but 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 which just blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have expressed that they don’t 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 data data entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it need 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to kind of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by companies throughout the world so again you’re just seeking to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine tough kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense perspective from an effect point of view on employees it is definitely important 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 have to be done right it has the greatest harmful impact on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has been informed 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 staff members or not um however ultimately payroll is such an important cycle all of us become aware of 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll service for your staff members globally again I believe is another substantial um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of companies and decreasing the variety of tools platforms and checking account they require for their Worldwide 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints 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 understand how how important a function 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 simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state picture the amount 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 possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of try to return to everybody so carrying on look why do companies choose to main separate checking account there are Papaya Global Coronavirus Ssp businesses out there doing precisely this for specific nations and I’ve operated in a service or many companies doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anyone that’s dealing with 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 reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it requires altering however eventually individuals are very stuck with what they recognize
with best um change is a tough thing all of us don’t like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving multiple bank accounts however there’s a big quantity of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge however I think the sincere answer is change um individuals have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep track of and this technique does posture numerous difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you changed our Business 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 International staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Coronavirus Ssp