Over the last 5 or 6 years …Papaya Global Payroll Nonprofit… functions on the provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates 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 drizzling here it’s very really uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also supply 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 during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the worldwide Labor force is currently 3 and a half billion individuals 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 consider that there are some 230 million services 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 time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely extremely fundamental there’s no genuine consistency structure we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every 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 say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on international payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international organizations have actually expressed 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 bad HCM information data entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to sort of move on with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work closer together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to type of the level of complexity there’s more and more advantages being organ or being offered by organizations across the world so again you’re just wanting to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an impact viewpoint on workers it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental impact on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll properly 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 all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment solution is an excellent initial step um providing an end-to-end payroll option for your workers internationally once again I think is another huge um process again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and savings account they need for their Global 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how essential a role 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 processes and likewise so think of sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely 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 held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to get back to everybody so moving on look why do business pick to main different bank accounts there are Papaya Global Payroll Nonprofit services out there doing exactly this for specific countries and I’ve worked in a company or numerous businesses doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing however eventually people are very stuck with what they recognize
with best um change is a challenging thing all of us don’t like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping several savings account however there’s a substantial amount of complexity chooses setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is big however I think the honest response is change um individuals have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always 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 practically be determined to be the next Century or so there is a lot to track and this technique does position numerous obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed 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 International staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Nonprofit