Over the last five or 6 years …Papaya Global Forms… functions on the supplier side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give 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 type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually 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 very very uninspiring and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different
Virtual payroll accounts are an option to conventional bank accounts for managing 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 bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they add further intricacy the international Labor force is presently three 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming variety of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or very really basic there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that 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 only 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in international payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of international companies have expressed 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 because of time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the essential multiple 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 challenges organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 technology is enabling us to kind of progress with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 typically split and cut up um ultimately 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to kind of the level of complexity there’s more and more advantages being organ or being provided by services throughout the world so again you’re just looking to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information 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 doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost viewpoint from an impact perspective on workers it is definitely critical that it’s done correctly and on time so what we indicate 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 harmful effect on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been surprised coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind 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 staff members or not um however eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe 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 definitely important that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your staff members worldwide once again I think is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their Global payroll too could not 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 anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we know 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 easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and type of shot to get back to everybody so moving on look why do companies choose to main different savings account there are Papaya Global Forms companies out there doing exactly this for particular countries and I’ve operated in an organization or lots of companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and any person that’s managing that procedure 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 lots of factors one is it’s the standard I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it needs altering however eventually people are very stuck to what they’re familiar
with right um change is a tough thing all of us do not like change um so I believe 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 things um I understand obviously the advantages of having maintaining multiple checking account however there’s a substantial amount of complexity opts for establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is big however I believe the truthful answer is change um individuals haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Forms