Over the last five or six years …Firdaus Azizi Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 drizzling here it’s extremely very gloomy and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain different
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets use 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 asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the large numbers they add further complexity the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there’s frequently an overwhelming number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very really basic there’s no real consistency structure we’re residing in an era of tech however 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 which simply 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 companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on international payroll the less of a photo they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the essential multiple 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 difficulties company face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be included right and what does
it need 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 time frames 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 client’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 allowing us to sort of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to type of the level of complexity there’s increasingly more advantages being organ or being used by services across the world so again you’re just wanting to add more and more payments to this already intricate 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 real difficulties or genuine challenging type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a company 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 groups feeding information into the next function as it were that’s actually handling the payment side of things however 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 while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an effect viewpoint on staff members it is absolutely vital that it’s done correctly 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 most significant harmful effect on individuals’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been impressed 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 sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll service for your employees internationally once again I think is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and decreasing the variety of tools platforms and checking account they require 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 involved in those procedures and also so imagine sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everybody so carrying on look why do business choose to primary separate bank accounts there are Firdaus Azizi Papaya Global 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 say it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for any person where we don’t have to and any person that’s handling 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 standard I think individuals have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it needs changing but eventually individuals are really stuck to what they recognize
with ideal um modification is a tough thing all of us don’t like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping multiple checking account but there’s a huge quantity of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial however I believe the truthful response is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to track and this approach does position a number of challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply 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 International staff members you should have a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Firdaus Azizi Papaya Global