Over the last 5 or 6 years …Dd Mil Papaya Globals Ho-payroll… functions on the service provider side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s typically a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very basic there’s no genuine consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each 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 companies state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on international payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then 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 around the globe payroll and payments do not run smoothly if they depend on the required numerous processes 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 difficulties company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be considered there’s varying 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 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 anywhere you look right eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 fundamental and innovation is allowing us to sort of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market 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 information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations throughout the world so again you’re just seeking to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info 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 does not necessarily require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense perspective from an effect point of view on staff members it is definitely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on people’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been amazed entering this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great 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 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 just a tick box workout and I think 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 absolutely important that all of this things is done correctly so leveraging the first International Payments very first payroll payment service is a great initial step um providing an end-to-end payroll option for your employees internationally once again I believe is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of services and decreasing the number of tools platforms and savings account they need for their Global 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway 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 think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of 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 definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture 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 type of shot to return to everyone so moving on look why do business select to main separate bank accounts there are Dd Mil Papaya Globals Ho-payroll businesses out there doing precisely this for specific countries and I’ve worked in a business or numerous services doing exactly that I can state it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and anybody 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 amount that we are I think lots of factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately 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 just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs altering but eventually individuals are very stuck to what they’re familiar
with best um modification is a difficult thing we all do not like modification um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving numerous savings account however there’s a substantial quantity of intricacy chooses establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is big but I think the truthful response is modification um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve always 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 nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does posture several difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Dd Mil Papaya Globals Ho-payroll