Over the last 5 or six years …Papaya Global Learning Books… functions on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing 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 everyone originates from and I actually do hope it’s much sunnier than it is 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 very extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore 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 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 throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 all over the world in the standard payroll model there’s often a frustrating number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very really basic there’s no genuine consistency structure we’re residing 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 which simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is delivered to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary multiple 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 making payments to workers or otherwise that’s a great question I always throw this back and state what is it what does not require to be included best 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 time frames 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 consumer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly payments no if however some infants 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 absolutely fundamental and innovation is permitting us to kind of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups work closer together than ever um I’m always astonished when people say I’ve 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 estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so again you’re just aiming to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates 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 managing the payment side of things however you understand 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 additional handoffs at the same times that we operate 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 a period of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect point of view on staff members it is absolutely important that it’s done correctly 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 biggest harmful impact on people’s well-being and many other aspects if people aren’t paid uh I’ve always been impressed coming into this Market kind of the last five to ten years is how little thanks the
The payroll team 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 workers or not. Payroll is an essential cycle, and individuals just see when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a great initial action towards providing a thorough payroll option for employees worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account needed for global payroll are crucial consider achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as prepared. Ultimately, we don’t 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 simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting 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 try to look through them and really see what was going on and kind of shot to get back to everyone so carrying on look why do business choose to primary separate bank accounts there are Papaya Global Learning Books services out there doing exactly this for particular countries and I’ve operated in an organization or many services doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think people have actually got so utilized to we need a new savings 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 believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires changing however eventually people are extremely stuck to what they’re familiar
with ideal um modification is a difficult thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping multiple savings account however there’s a substantial quantity of intricacy goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the complexity is huge however I think the honest answer is change um people haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does pose several difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply 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 Worldwide staff members you should have a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Learning Books