Over the last five or six years …Papaya Global Pdx… roles on the supplier side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just 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 is 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 extremely really dreary and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated 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 around the world in the traditional payroll design there’s often a frustrating variety of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no genuine consistency structure 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 frequently with pen and paper which simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought about there’s differing Bank information 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being provided by companies throughout the world so once again you’re just looking to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine tough type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a business 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 teams feeding info into the next function as it were that’s actually managing the payment side of things but 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 need to create extra handoffs while doing sos that we operate 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 an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any service has from a cost point of view from an effect point of view on workers it is definitely important 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 need to be done right it has the biggest destructive impact on people’s well-being and numerous other elements if people aren’t paid uh I have actually always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody 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 deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is a great primary step um offering an end-to-end payroll option for your staff members globally again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of companies and decreasing the number of tools platforms and savings account they require 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how crucial 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 associated with those procedures and also so think of sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous 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 certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t envision 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 actually see what was going on and type of try to return to everybody so moving on look why do business choose to main separate bank accounts there are Papaya Global Pdx organizations out there doing precisely this for particular nations and I have actually worked in a company or numerous services doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anybody that’s managing 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 quantity that we are I believe numerous reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new checking 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 think it’s just been the requirement and the standard the people have actually adopted 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 type of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing but ultimately people are extremely stuck to what they recognize
with right um modification is a difficult thing we all do not like modification um so I think 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 comprehend certainly the benefits of having maintaining multiple checking account but there’s a huge amount of complexity chooses establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is big but I think the sincere answer is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep track of and this technique does posture several challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle 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 successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Pdx