Over the last five or 6 years …Papaya Global More Than 10 Employees… functions on the company side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another number 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 fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really 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 drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly 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 business properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they add additional complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 all over the world in the conventional payroll design there’s frequently an overwhelming number of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really extremely basic there’s no genuine consistency framework we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of international organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they rely on the necessary multiple 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 making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s differing 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 abilities 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 consumer’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to kind of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by companies throughout the world so again you’re just seeking to add more and more payments to this already complex 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 genuine obstacles or genuine tough sort of pay utilizes 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 bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run 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 age of tech and an age 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 concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact viewpoint on workers it is absolutely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually always been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first International Payments first payroll payment option is an excellent first step um offering an end-to-end payroll service for your workers globally once again I believe is another big um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and decreasing the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 everybody that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everyone so moving on appearance why do companies pick to primary different checking account there are Papaya Global More Than 10 Employees businesses out there doing exactly this for particular countries and I have actually operated in a business or numerous businesses doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think individuals have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing however ultimately people are very stuck to what they recognize
with right um change is a hard thing all of us don’t like modification um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping numerous bank accounts however there’s a substantial quantity of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is substantial but I think the sincere answer is modification um individuals haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually 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 understand what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business 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 acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global More Than 10 Employees