Over the last 5 or 6 years …Facebook Papaya Global… roles on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most notably regulations compliance data security and banking rules then there are the large numbers they add additional intricacy the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming number of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very very fundamental there’s no real consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international companies have actually expressed that they don’t 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 bad HCM data data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not require to be included best and what does
it require to be considered there’s differing Bank information 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 consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to type 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 processes is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being provided by services across the world so again you’re simply aiming to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real challenges or genuine tough kind of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would definitely state that the larger an organization 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 really managing the payment side of things however 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 require to create additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an effect perspective on workers it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort 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 employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your staff members internationally again I believe is another big um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and minimizing 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 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 don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly 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 however it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and kind of try to get back to everyone so carrying on look why do business choose to primary separate bank accounts there are Facebook Papaya Global businesses out there doing precisely this for specific nations and I have actually worked in a company or many businesses doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that needs looking at it needs altering however eventually individuals are really stuck with what they’re familiar
with right um modification is a tough thing all of us don’t like modification um so I believe it’s just 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 understand obviously the advantages of having maintaining multiple checking account however there’s a substantial amount of complexity chooses setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is huge however I think the truthful answer is change um people haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or two there is a lot to monitor and this technique does posture numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Facebook Papaya Global