Over the last 5 or 6 years …Papaya Global Directors Ni… functions on the provider side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple 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 quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate checking account for payroll in various nations, 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 possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s often an overwhelming number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very extremely basic there’s no real consistency structure we’re residing 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 typically with pen and paper and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international organizations have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be consisted of right and what does
it need to be considered there’s differing Bank information 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 complexity any place you look ideal ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so once again you’re just seeking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or real challenging 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 absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more timely 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 know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from an expense point of view from an effect perspective on staff members it is absolutely important that it’s done correctly 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 most significant damaging impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been impressed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has 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 we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 things is absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your employees globally once again I think is another huge um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of services and lowering the number of tools platforms and checking account they need for their Global 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everyone that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say think of 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 suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job 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 need days of the week to try to check out them and in fact see what was going on and type of try to return to everybody so carrying on look why do business choose to primary different savings account there are Papaya Global Directors Ni organizations out there doing exactly this for specific countries and I have actually worked in a company or numerous companies doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I believe people have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires changing however eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a challenging thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping multiple checking account but there’s a huge amount of intricacy opts for establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is big however I think the truthful answer is change um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or so there is a lot to monitor and this approach does pose several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you switched our Business 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 Global staff members you should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Directors Ni