Over the last 5 or six years …Papaya Global Moldova… roles on the service provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join we all 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 everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 very really uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies 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 hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most importantly policies compliance information security and banking rules then there are the large numbers they add further complexity the international Workforce is currently 3 and a half billion individuals 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 businesses and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating number of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no real consistency framework we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on global 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 mishaps in the last mile of the transaction almost half of global companies have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes badly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered 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 need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to workers 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 ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 consumer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 absolutely basic and technology is permitting us to kind of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being offered by organizations across the world so again you’re simply aiming to add increasingly more payments to this currently complex landscape so if you sort 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 genuine challenges or genuine difficult type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions 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 handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost viewpoint from an effect viewpoint on workers it is absolutely vital that it’s done properly and on time so what we indicate 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 harmful effect on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last five 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 told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 stuff is definitely essential that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a great first step um providing an end-to-end payroll service for your staff members internationally again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and lowering the variety 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how crucial a function 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of try to get back to everyone so proceeding appearance why do companies choose to primary different checking account there are Papaya Global Moldova companies out there doing exactly this for specific nations and I have actually worked in an organization or many businesses doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need 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 standard individuals have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing but eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having preserving several checking account however there’s a substantial quantity of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private people so the intricacy is huge but I think the truthful response is modification um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think 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 excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does posture a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just 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 seems like our CFO has actually gained another CFO, and with this improved ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Moldova