Over the last five or 6 years …Papaya Global Payroll Stock… functions on the supplier side and also on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide 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 sort of let them do that so it ‘d be quite 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 everyone comes 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 dreary and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical 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 complicated for a variety of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they add additional complexity the worldwide Workforce 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 consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s frequently an overwhelming variety of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very really basic there’s no genuine consistency framework we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in global payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and say what is it what does not need to be included best and what does
it need 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 amount of time there’s payment capabilities 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 client’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I’ve divided 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 estimation 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to sort of the level of complexity there’s more and more advantages being organ or being used by services across the world so again you’re just aiming to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real tough type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we run in they simply 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 why we are still making this as difficult 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 perspective on staff members it is absolutely crucial that it’s done properly and on time so what we mean 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 result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has actually 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 workers or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a great initial step um offering an end-to-end payroll service for your staff members internationally once again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and checking account they require 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how important 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 involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely 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 need days of the week to attempt to look through them and really see what was going on and type of shot to return to everyone so carrying on look why do business choose to main different savings account there are Papaya Global Payroll Stock companies out there doing precisely this for particular nations and I’ve operated in a service or lots of organizations doing precisely that I can state it doesn’t always feel efficient and it does develop 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 anyone that’s managing 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 think numerous reasons one is it’s the requirement I believe people have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a process that needs looking at it requires altering however eventually people are extremely stuck to what they recognize
with best um modification is a difficult thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having preserving multiple bank accounts however there’s a substantial quantity of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is substantial however I believe the truthful response is change um people have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no genuine reason 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 two there is a lot to keep track of and this approach does present numerous obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you changed our Enterprise 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 are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Stock