Over the last five or six years …Papaya Global Redundancy… functions on the provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 extremely very uninspiring and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset 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 efficiently 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 business properly anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 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 around the globe in the standard payroll model there’s frequently an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency structure we’re residing in an age 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 often with pen and paper which simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in global payroll the less of an image they see an absence of presence also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the information is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend 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 needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be included right and what does
it require to be thought of there’s varying Bank information 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 complexity any place you look ideal eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some infants 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 acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so again you’re just aiming to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would definitely state that the bigger a service 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 teams feeding details into the next function as it were that’s actually managing the payment side of things but you know 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 require to develop extra handoffs at the same times that we run 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 understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact perspective on staff members it is absolutely critical 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 biggest detrimental impact on people’s well-being and many other elements if people aren’t paid uh I have actually always been impressed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe 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 correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your workers worldwide once again I think is another big um procedure again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of businesses and reducing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how important a role 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 procedures and also so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everyone so proceeding appearance why do business pick to primary separate bank accounts there are Papaya Global Redundancy services out there doing exactly this for specific countries and I have actually worked in an organization or numerous organizations doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a hard thing we all do not like change um so I think it’s simply type 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 undoubtedly the advantages of having maintaining several checking account however there’s a big quantity of intricacy goes with establishing a bank account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge but I believe the truthful answer is modification um people have not had the ability to alter or have not had always 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 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 proceeding and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this technique does position several obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Redundancy