Over the last 5 or 6 years …Search Papaya Global… functions on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another number of uh well one of 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 fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely dreary and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over 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 accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 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 around the globe in the traditional payroll model there’s typically a frustrating variety of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely really fundamental there’s no genuine consistency structure we’re living 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 often with pen and paper which just blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide services have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes poorly 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 expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the needed multiple 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 challenges service face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be included best 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 timespan 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 best ultimately building a knowledge base is definitely important but all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 typically 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by companies throughout the world so once again you’re just looking to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense point of view from an effect point of view on employees it is absolutely vital that it’s done correctly 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 harmful impact on individuals’s wellness and numerous other aspects if people aren’t paid uh I have actually always been surprised coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all find out about it when it fails everyone 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 deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is a great first step um offering an end-to-end payroll solution for your staff members worldwide again I think is another big um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact 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 easy as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so proceeding look why do companies pick to primary different savings account there are Search Papaya Global services out there doing exactly this for particular countries and I’ve worked in a business or numerous businesses doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t need to and anybody that’s handling 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 amount that we are I believe lots of factors one is it’s the requirement I believe people have got so used to we require a brand-new bank 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 believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it needs altering however eventually people are really stuck with what they recognize
with right um modification is a difficult thing we all do not like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining multiple bank accounts however there’s a big amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is substantial but I think the honest response is change um individuals have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or so there is a lot to keep track of and this method does present numerous challenges um so Johnny could you inform us about those difficulties yeah obviously 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 tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments. Search Papaya Global