Over the last 5 or 6 years …Papaya Global Cis… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind 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 everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly 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 companies precisely forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance information security and banking rules then there are the large numbers they add more complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 worldwide in the conventional payroll design there’s typically a frustrating variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely really basic there’s no genuine consistency framework 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 typically with pen and paper which just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average expense of an international information 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 don’t run efficiently if they count on the required several procedures systems and partners it is simply 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 great 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 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 time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble extremely payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to sort of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 typically 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to kind of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so once again you’re simply seeking to add a growing number of payments to this currently complicated landscape so if you type 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 real tough sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely say that the bigger a company 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 groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more timely 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 know that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense perspective from an effect viewpoint on workers it is absolutely important 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 have to be done right it has the most significant detrimental result on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been impressed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is an excellent initial step um providing an end-to-end payroll option for your employees internationally again I believe is another big um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of companies and minimizing the variety of tools platforms and bank accounts they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how important 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 simple as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that numerous 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 was the case um you ‘d require days of the week to try to browse them and really see what was going on and type of shot to get back to everyone so moving on look why do business choose to main separate bank accounts there are Papaya Global Cis companies out there doing precisely this for particular nations and I have actually operated in a service or many companies doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I think people have got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes 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 actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering but ultimately individuals are extremely stuck with what they recognize
with best um modification is a hard thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving numerous savings account however there’s a substantial amount of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is substantial however I believe the honest response is change um individuals haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does present a number of difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Cis