Over the last 5 or 6 years …Papaya Global And Accounts Packages… functions on the provider side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well among 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 currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really 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 drizzling here it’s extremely really uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really very basic there’s no genuine consistency framework we’re living in an era of tech but 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 and that just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in global payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they depend on the essential several 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 challenges service face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought about there’s varying 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they are like very payments no if however 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 recognition that payroll payments are definitely basic and technology is permitting us to kind of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to sort of the level of complexity there’s more and more benefits being organ or being provided by organizations throughout the world so once again you’re simply seeking to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand 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 produce additional handoffs in the processes that we operate 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 an age of tech and an age that you understand that we are working 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 most significant liability that any company has from a cost viewpoint from an effect point of view on employees it is definitely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on people’s wellness and many other aspects if people aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only discover when things fail. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. For that reason, it is necessary to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Using the first International Payments very first payroll payment service is an excellent initial step towards providing a detailed payroll solution for staff members worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account necessary for international payroll are key consider attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na say imagine the quantity 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 possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh absolutely 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 check out them and in fact see what was going on and sort of shot to return to everybody so carrying on look why do companies choose to primary separate checking account there are Papaya Global And Accounts Packages organizations out there doing precisely this for specific countries and I’ve worked in an organization or numerous companies doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we do not need to and anybody 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 requirement I think individuals have got so used to we require a brand-new bank account we open an entity and rightly so you need 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 embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs altering however ultimately individuals are extremely stuck with what they recognize
with best um modification is a hard thing we all don’t like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining multiple savings account however there’s a substantial amount of complexity opts for establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big but I think the sincere response is modification um individuals have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep track of and this technique does present numerous difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global And Accounts Packages