Over the last five or six years …Papaya Global Os… roles on the company side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 very very gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they add further intricacy the worldwide Workforce is presently 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s frequently a frustrating variety of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency framework we’re residing in an age of tech however 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 simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of international services have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties 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 doesn’t need to be included right 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 country there’s payment amount of time 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 any place you look best ultimately constructing a knowledge base is definitely crucial however 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 sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always astonished when people say 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 divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to type of the level of complexity there’s more and more benefits being organ or being offered by services across the world so once again you’re simply aiming to add increasingly more payments to this currently 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 genuine challenges or genuine challenging kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would certainly state 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 job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense perspective from an impact point of view on workers it is absolutely crucial that it’s done properly and on time so what we suggest 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 effect on people’s well-being and numerous other elements if people aren’t paid uh I have actually always been impressed entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think 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 things is definitely important that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a terrific primary step um offering an end-to-end payroll solution for your workers internationally once again I think is another big um process once again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of companies and reducing the number of tools platforms and checking account they need 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial a function 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 associated with those processes and also so think of sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and type of try to return to everybody so moving on appearance why do business select to main separate savings account there are Papaya Global Os organizations out there doing precisely this for specific countries and I’ve operated in a business or numerous organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing but eventually people are really stuck to what they’re familiar
with best um change is a difficult thing we all do not 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 stuff um I understand clearly the advantages of having maintaining multiple savings account but there’s a huge quantity of complexity chooses establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I think the honest response is change um individuals have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to track and this approach does posture several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Os