Over the last 5 or six years …Papaya Global 25.01… functions on the service provider side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish 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 looking at the challenge years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely 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 bank account how companies accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 world in the conventional payroll design there’s often a frustrating number of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or really very standard there’s no real consistency structure we’re residing in a period of tech but payroll has actually 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 each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service spends on global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included ideal and what does
it need to be thought of there’s varying Bank information 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 need to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split 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 process it’s the point of information collection all the way through to paying people any place they are but also 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 services throughout the world so once again you’re just looking to add a growing number of payments to this already complex landscape so if you kind 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 obstacles or genuine tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things however 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 create additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact viewpoint on employees it is definitely crucial 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 have to be done right it has the biggest detrimental effect on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been impressed entering into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. For that reason, it is vital to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment service is a fantastic preliminary action towards offering a detailed payroll solution for workers worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and savings account necessary for international payroll are essential factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we understand 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that many 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 trying to clean up all those up for sure oh definitely I can’t imagine 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 sort of try to return to everyone so moving on appearance why do business choose to primary separate checking account there are Papaya Global 25.01 businesses out there doing exactly this for particular nations and I’ve worked in a company or numerous businesses doing exactly that I can state it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s managing 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 believe many reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it requires changing however eventually people are really stuck to what they recognize
with best um change is a challenging thing all of us don’t like modification um so I believe it’s just type 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 clearly the advantages of having keeping several bank accounts however there’s a huge quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is huge but I think the truthful response is change um people haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to monitor and this approach does present several difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 Worldwide workers you are worthy of a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 25.01