Over the last five or six years …Papaya Global Maternity… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates 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 drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include additional complexity the international Workforce is presently 3 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 organizations and growing all doing their own thing around the globe in the conventional payroll design there’s typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely really basic there’s no real consistency framework we’re residing in a period 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 typically with pen and paper which just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the information is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if however some babies 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 definitely basic and innovation is permitting us to type of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m always impressed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being used by companies across the world so again you’re simply seeking to add increasingly more payments to this already 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 challenging sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense perspective from an effect viewpoint on staff members it is absolutely important that it’s done correctly 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 biggest damaging impact on individuals’s wellness and many other factors if people aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually 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 however eventually payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is an excellent first step um providing an end-to-end payroll solution for your workers internationally again I believe is another substantial um process again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of services and decreasing the number of tools platforms and savings 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 countless them within a payroll cycle don’t expect 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 rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how important 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing 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 was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everybody so moving on look why do companies select to primary different checking account there are Papaya Global Maternity businesses out there doing precisely this for particular countries and I’ve operated in a company or lots of companies doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and any person 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 think many reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it needs altering however ultimately people are really stuck with what they’re familiar
with ideal um modification is a hard thing we all do not like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple checking account but there’s a substantial quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is huge but I think the truthful response is change um people haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to track and this method does pose several difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Maternity