Over the last five or 6 years …Papaya Global Year End Proce… functions on the service provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody 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 certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep different
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very very standard 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 frequently with pen and paper and that simply blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on international payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once 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 multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s differing Bank information 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 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 complexity any place you look best eventually building a knowledge base is definitely important but all over you look with payroll payment they resemble 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk 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 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being offered by services across the world so once again you’re simply seeking to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger an organization 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 groups feeding information into the next function as it were that’s really managing the payment side of things but 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 produce extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period 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 concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect viewpoint on staff members it is absolutely critical that it’s done correctly 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 biggest detrimental effect on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been astonished entering this Market kind of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. For that reason, it is important to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first Worldwide Payments first payroll payment solution is a fantastic initial action towards providing a detailed payroll solution for staff members worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and bank accounts needed for global payroll are crucial factors in achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we know 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 simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state think of 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 speaking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do business pick to main separate checking account there are Papaya Global Year End Proce services out there doing exactly this for specific countries and I have actually worked in a company or many services doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anyone 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 believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new savings account we open an entity and appropriately so you require 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 requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires changing but eventually individuals are very stuck to what they recognize
with right um change is a challenging thing all of us don’t like change um so I believe it’s simply 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 keeping multiple bank accounts however there’s a huge quantity of intricacy chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is big however I think the truthful answer is modification um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this technique does present several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched 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 are worthy of a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Year End Proce