Over the last 5 or 6 years …Hr Compliance And Efficiency On A Budget With Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really 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 really very uninspiring and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add further complexity the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 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 traditional payroll model there’s typically a frustrating variety of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really extremely basic there’s no real consistency framework we’re residing in an age 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 think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international companies have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be consisted of right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the customer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of move on 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 procedures is definitely important that payroll and financing teams work better together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to add to type of the level of complexity there’s more and more benefits being organ or being used by companies throughout the world so once again you’re simply seeking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or real tough sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger a company 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 teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand 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 need to develop additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an effect viewpoint on staff members it is definitely vital 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 most significant detrimental result on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has 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 eventually payroll is such an important cycle we all 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 exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a great initial step um supplying an end-to-end payroll solution for your employees internationally once again I think is another substantial um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and bank accounts they require 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’ve never had a hundred thousand of 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 grievances where things have not gone quite where they’re meant to be um I don’t believe any of us are actually 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 easy as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean 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 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 sort of try to return to everyone so moving on look why do business select to main different bank accounts there are Hr Compliance And Efficiency On A Budget With Papaya Global services out there doing precisely this for specific countries and I have actually operated in a service or many services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we do not need to and anyone that’s dealing with that process 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 believe lots of reasons one is it’s the requirement I believe people have actually got so used to we need a new checking 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 simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing but ultimately individuals are really stuck to what they’re familiar
with best um change is a hard thing we all don’t like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining multiple savings account but there’s a big quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is huge but I believe the honest response is change um people haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does position several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Hr Compliance And Efficiency On A Budget With Papaya Global