Over the last 5 or six years …Papaya Global Cis Report… roles on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually 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 extremely extremely bleak and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also offer a recap 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 throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most importantly regulations compliance data security and banking guidelines 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 estimated 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 factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really very standard there’s no genuine consistency framework we’re residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global services have actually 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 because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to type of progress with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being offered by companies across the world so again you’re just looking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or real difficult kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly say that the larger a company 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 teams feeding info into the next function as it were that’s really managing the payment side of things however you understand 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 need to develop extra handoffs in the processes that we run in they simply make them more timely they make them less effective 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 concurred and rightly as you said payroll is the single greatest liability that any company has from an expense point of view from an effect perspective on workers it is definitely critical 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 need to be done right it has the most significant detrimental effect on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market type 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 anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. For that reason, it is vital to ensure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the first Global Payments very first payroll payment service is a great initial action towards supplying a detailed payroll option for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account necessary for global payroll are crucial consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how crucial 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 easy as possible for everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do business choose to main separate bank accounts there are Papaya Global Cis Report organizations out there doing precisely this for specific nations and I have actually operated in a service or many services doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not have to and any person that’s handling that procedure 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 believe many factors one is it’s the requirement I think people have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes however 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 adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing but eventually people are really stuck with what they’re familiar
with ideal um change is a difficult thing we all don’t like modification 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 lot of track of things um I understand certainly the advantages of having keeping multiple bank accounts but there’s a big amount of intricacy chooses establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big but I believe the sincere answer is modification um individuals haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does position numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a change 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 gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Cis Report