Over the last five or six years …Papaya Global Mexico… functions on the supplier side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really dreary and I want 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 looking at the difficulty years of handling Global payroll why business keep separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially beneficial for worldwide 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 nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they add additional complexity 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 people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there’s frequently an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely basic there’s no real consistency framework we’re living in an age of tech however 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 just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link 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 innovation is enabling us to sort of move on with that it likewise as well to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide 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 procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to type of the level of complexity there’s increasingly more benefits being organ or being offered by businesses across the world so again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or genuine challenging kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint 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 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 a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an impact point of view on staff members it is definitely vital 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 detrimental effect on people’s well-being and many other elements if people aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a terrific initial action towards offering an extensive payroll option for staff members worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and checking account needed for global payroll are crucial consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyway we understand how how essential 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 procedures and also so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh absolutely 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 look through them and actually see what was going on and kind of shot to get back to everybody so carrying on look why do business choose to main separate checking account there are Papaya Global Mexico organizations out there doing exactly this for particular nations and I’ve operated in a company or lots of services doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and any person that’s managing that process 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 factors one is it’s the requirement I think people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that needs taking a look at it needs changing however eventually individuals are really stuck with what they’re familiar
with ideal um change is a hard thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining several checking account however there’s a substantial amount of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I think the sincere response is change um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element 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 advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this method does posture a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I simply 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 staff members you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Mexico