Over the last five or 6 years …Papaya Global Add Pay History… roles on the service provider side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very bleak and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide 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 strategic asset for payroll executives. We will also offer 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 throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset 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 reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they add more intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s typically a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really very standard there’s no genuine consistency framework we’re residing in an era 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 frequently with pen and paper which simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be consisted of best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to sort of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations throughout the world so once again you’re simply looking to include a growing number of payments to this currently complex landscape so if you sort 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 challenges or genuine difficult type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a business 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 details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop 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 require to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an impact point of view on workers it is absolutely important that it’s done properly 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 greatest harmful impact on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been amazed coming into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m unsure 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 staff members or not um however ultimately payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll option for your staff members internationally again I think is another substantial um process again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of businesses and reducing the variety of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how important a role it is and that’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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of 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 but it would definitely be an interesting job attempting 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 need days of the week to attempt to check out them and in fact see what was going on and kind of shot to get back to everybody so moving on look why do business pick to primary separate savings account there are Papaya Global Add Pay History businesses out there doing exactly this for particular countries and I’ve operated in a company or numerous organizations doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not have to and anybody that’s handling that process 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 standard I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but 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 contribute 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 think there’s a range I believe this is a procedure that needs looking at it requires changing however eventually people are very stuck with what they’re familiar
with best um change is a hard thing all of us do not like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining several savings account but there’s a huge amount of intricacy opts for establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is substantial however I believe the truthful answer is modification um people haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit 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 excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this method does present a number of challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Add Pay History