Over the last five or six years …Papaya Global.Nottingham… roles on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone 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 remains 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 really extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset 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 precisely effectively safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency structure we’re living in an age of tech but payroll has been sluggish 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 think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in international payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly interacted 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 worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if however some children 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 think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance groups work better together than ever um I’m always astonished when individuals say I’ve 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 divide the payroll payment from computation 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 information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by companies throughout the world so again you’re simply looking to include increasingly more payments to this already complex landscape so if you type 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 real tough type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense perspective from an effect viewpoint on staff members it is definitely important 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 most significant harmful effect on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been informed 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 staff members or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent initial step um offering an end-to-end payroll option for your workers internationally once again I believe is another huge um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and reducing the number of tools platforms and checking 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 have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how important 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 easy as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and type of shot to return to everybody so proceeding appearance why do companies choose to primary different bank accounts there are Papaya Global.Nottingham businesses out there doing exactly this for specific nations and I’ve worked in a business or numerous companies doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think individuals have got so used to we require a new checking 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 believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires changing but ultimately individuals are really stuck with what they’re familiar
with best um modification is a challenging thing we all do not like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping several bank accounts but there’s a big amount of complexity chooses establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is substantial however I believe the honest answer is modification um individuals haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep track of and this technique does present numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global.Nottingham