Over the last five or 6 years …Papaya Global 40M Scale Partners 45M… functions on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite 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 everybody comes 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 extremely really bleak and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide 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 property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals 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 all over the world in the traditional payroll design there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency framework we’re living 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 simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in international payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide organizations have actually revealed that they do not 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 poor HCM information information entry errors inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is delivered to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they depend on the required 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 obstacles company face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought of there’s differing Bank information 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to kind of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so once again you’re simply looking to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay uses to play to pay individuals I believe yeah I mean 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 functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know 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 timely they make them less effective and they don’t make them what they need to be in in an age 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 requires to be agreed and appropriately as you said payroll is the single most significant liability that any business has from an expense point of view from an impact perspective on employees it is definitely critical 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 biggest destructive effect on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve always been astonished entering into this Market sort of the last five to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just see when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. Therefore, it is vital to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the very first International Payments first payroll payment option is a fantastic initial step towards offering a thorough payroll solution for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account essential for global payroll are key consider attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important 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 everyone that’s associated with those processes and also so imagine sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to return to everybody so carrying on appearance why do business choose to primary separate savings account there are Papaya Global 40M Scale Partners 45M businesses out there doing exactly this for particular countries and I’ve operated in a service or numerous services doing precisely that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I believe people have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced 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 think there’s a range I think this is a procedure that requires taking a look at it requires changing but eventually people are really stuck with what they’re familiar
with best um change is a challenging thing all of us don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping numerous checking account but there’s a big amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is substantial however I think the honest response is change um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to monitor and this technique does position several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range 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 workers you are worthy of a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 40M Scale Partners 45M