Over the last five or 6 years …Papaya Global 40M Series 45M… functions on the service provider side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide 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 kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic 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 safely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include additional intricacy the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s frequently an overwhelming variety of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really very basic there’s no genuine consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often 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 just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the essential numerous processes 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 service face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be included ideal and what does
it need to be considered there’s differing Bank details 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely important but all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is enabling us to sort of progress with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market 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 anywhere they are but 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 contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by companies throughout the world so again you’re simply looking to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of decades I would certainly state that the larger a service 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 teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost perspective from an effect perspective on workers it is definitely crucial that it’s done properly and on time so what we mean 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 destructive effect on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually always been astonished entering into this Market kind 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 actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 stuff is definitely essential that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is an excellent primary step um offering an end-to-end payroll solution for your workers internationally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and checking account they need for their Global payroll too couldn’t 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 do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand 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 everyone that’s involved in those processes and also so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of 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 job trying to clean 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 check out them and actually see what was going on and sort of try to return to everybody so carrying on appearance why do companies choose to primary different bank accounts there are Papaya Global 40M Series 45M companies out there doing precisely this for particular nations and I’ve operated in a business or many services doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and anyone that’s managing 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 think many reasons one is it’s the requirement I think individuals have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs altering but eventually people are very stuck to what they’re familiar
with best um modification is a challenging thing we all don’t like modification um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving multiple checking account however there’s a big quantity of intricacy chooses establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is big but I think the sincere response is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to track and this approach does position several obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global 40M Series 45M