Over the last five or 6 years …Papaya Global Processing Leavers… functions on the service provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind 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 really very bleak 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 challenge years of handling International payroll why business maintain different
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap 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 walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency structure we’re residing in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see an absence 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 global organizations have actually expressed 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 data data entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the information is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the required numerous processes 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 difficulties service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought of 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 capabilities 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 complexity any place you look ideal eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it likewise as well to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you stroll 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by services across the world so once again you’re simply wanting to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they simply 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 know that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from a cost perspective from an impact perspective on employees it is definitely critical 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 have to be done right it has the biggest destructive result on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been amazed coming into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain 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 staff members or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise 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 Worldwide Payments first payroll payment solution is a great initial step um providing an end-to-end payroll option for your employees worldwide again I believe is another big um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and reducing the variety of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless 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 haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how essential a role it is which’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 everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating 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 try to browse them and in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies select to primary separate savings account there are Papaya Global Processing Leavers services out there doing exactly this for particular nations and I have actually worked in a company or numerous services doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anyone that’s dealing with 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 numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires changing but ultimately people are very stuck with what they’re familiar
with ideal um modification is a difficult thing all of us do not like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining several bank accounts but there’s a big quantity of complexity chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big but I think the honest response is change um individuals have not had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep track of and this technique does present a number of challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed 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 because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Processing Leavers