Over the last 5 or 6 years …Papaya Global.Zendesk.Com… roles on the provider side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another couple 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 interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone 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 raining here it’s very really dreary and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional bank accounts 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 separate checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s frequently an overwhelming number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency structure we’re living in an era of tech but 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 every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on global payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the information is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what does not need to be included ideal 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 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of move on with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals say I’ve split 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 calculation I would say no so why do we as an industry 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 information collection all the way through to paying individuals any place 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 crucial to add to sort of the level of complexity there’s more and more benefits being organ or being offered by organizations 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 large experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not 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 don’t make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense viewpoint from an effect perspective on employees it is definitely critical that it’s done properly 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 biggest detrimental effect on individuals’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a terrific primary step um offering an end-to-end payroll option for your employees globally once again I think is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of services and reducing the variety of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in regards to 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 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everybody so moving on look why do companies select to primary different checking account there are Papaya Global.Zendesk.Com organizations out there doing precisely this for particular countries and I’ve operated in a business 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 intentionally doing that we’re not producing extra work for any person where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts 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 people have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing however ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a difficult thing we all do not like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having preserving several savings account but there’s a substantial amount of intricacy chooses establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is huge but I think the honest answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or so there is a lot to keep track of and this technique does posture numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global.Zendesk.Com