Over the last five or six years …Papaya Global Management… roles on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing 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 everyone comes from and I truly do hope it’s much sunnier than it is 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 extremely dreary 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 taking a look at the challenge years of handling International 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 companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise offer a wrap-up 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 walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add additional intricacy the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll design there’s frequently an overwhelming number of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really extremely standard there’s no genuine consistency framework we’re residing in an era 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 typically with pen and paper and that just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide services 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 errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the essential numerous 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 obstacles company face when they’re paying to employees or otherwise that’s a good concern I always throw this back and state what is it what does not need to be included best and what does
it require 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 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 client’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if but some children 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 fundamental and innovation is enabling us to sort of move on with that it also too to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data 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 reside in and wellness being a growing number of important to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by organizations throughout the world so once again you’re just looking to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a service 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 in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce 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 a period of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost point of view from an impact perspective on employees it is definitely crucial that it’s done correctly 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 most significant destructive result on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has actually been told 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 but ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but 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 definitely important that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a great initial step um offering an end-to-end payroll option for your staff members internationally once again I believe is another substantial um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and decreasing the number of tools platforms and savings account they need 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 ever had a hundred countless 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 complaints where things have not gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 procedures and also so picture sorry I’m just I was simply gon na say picture the quantity 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 numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean 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 browse them and actually see what was going on and type of try to get back to everybody so proceeding look why do business choose to primary different checking account there are Papaya Global Management businesses out there doing precisely this for particular countries and I’ve worked in a company or numerous organizations doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and any person that’s dealing with 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 amount that we are I believe many factors one is it’s the standard I think individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing but ultimately people are really stuck with what they’re familiar
with best um change is a hard thing all of us don’t like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving several savings account but there’s a big quantity of intricacy chooses establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is substantial but I believe the sincere answer is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to track and this approach does present several difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Management