Over the last 5 or six years …Papaya Global Courses Classroom… functions on the company side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort 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 very really dreary and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out 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 wrap-up 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 walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s typically a frustrating number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really really standard there’s no real consistency framework we’re living in an age of tech however payroll has actually 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 whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services 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 due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect location the typical cost 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 world payroll and payments don’t run efficiently if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t require to be included best and what does
it need to be considered 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 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 ideal eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re just aiming to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or genuine tough kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a service 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 teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason 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 viewpoint from an effect perspective on employees it is definitely vital 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 most significant detrimental result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m unsure 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 workers or not um but ultimately payroll is such an important cycle all of us hear about it when it fails 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 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 correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll service for your staff members internationally again I think is another substantial um process once again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of services 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 regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect 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 rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 likewise so think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate 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 absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everybody so proceeding look why do companies pick to primary different checking account there are Papaya Global Courses Classroom companies out there doing precisely this for specific nations and I’ve worked in a company or numerous companies doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe 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 believe individuals have got so utilized to we need a 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 believe it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways 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 requires changing however ultimately people are extremely stuck with what they’re familiar
with best um change is a difficult thing we all don’t like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving several checking account but there’s a substantial amount of intricacy chooses establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is big but I think the sincere response is modification um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does present several challenges um so Johnny could you tell us about those challenges yeah of course 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 deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Courses Classroom