Over the last 5 or 6 years …Papaya Global Auto Enrolment Edition… roles on the supplier side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most notably guidelines 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 people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s often a frustrating variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really extremely basic there’s no genuine consistency structure we’re living in a period 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 typically with pen and paper and that simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors badly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be consisted of right and what does
it require 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 capabilities 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 customer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely critical however 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 take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to type of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by organizations throughout the world so once again you’re simply seeking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact perspective on employees it is absolutely vital 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 need to be done right it has the biggest destructive result on people’s wellness and many other factors if individuals aren’t paid uh I have actually always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has actually been told 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 but eventually payroll is such a crucial cycle all of us become aware of 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll service for your workers worldwide once again I believe is another huge um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and lowering the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that many 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 certainly be an intriguing task attempting 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 need days of the week to try to check out them and really see what was going on and type of try to get back to everybody so moving on look why do companies pick to main different bank accounts there are Papaya Global Auto Enrolment Edition companies out there doing exactly this for specific nations and I have actually worked in an organization or many services doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe individuals have got so used to we require 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 requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires changing but ultimately individuals are really stuck to what they’re familiar
with ideal um modification is a tough thing all of us do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping multiple bank accounts but there’s a huge quantity of intricacy opts for establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is huge however I think the truthful response is modification um people haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century approximately there is a lot to monitor and this method does present a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you changed 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 International 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 Auto Enrolment Edition