Over the last five or 6 years …Papaya Global Year End 2023… functions on the provider side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 very bleak and I wish I was elsewhere at this moment in time fine 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 handling International payroll why business preserve different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession 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 accurately efficiently securely 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 companies properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s frequently an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or very really standard there’s no genuine consistency structure we’re residing 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 which just 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 just 11 of companies state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they don’t 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 information information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the needed several processes 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 obstacles organization face when they’re paying to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t 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 time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in 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 technology is permitting us to type of move on with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you stroll 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 people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or real tough type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would definitely state that the larger a company 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 teams feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any service has from an expense viewpoint from an impact perspective on staff members it is definitely important 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 most significant detrimental impact on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve constantly been surprised entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your staff members internationally again I think is another substantial um process again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of services and minimizing the variety of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely 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 attempt to browse them and really see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies choose to primary different bank accounts there are Papaya Global Year End 2023 services out there doing exactly this for specific nations and I’ve worked in an organization or lots of companies doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it needs changing however eventually people are really stuck to what they’re familiar
with ideal um modification is a hard thing all of us do not like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving numerous bank accounts but there’s a huge amount of complexity goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big however I believe the honest response is change um individuals haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect 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 understand what might almost be figured out to be the next Century or so there is a lot to monitor and this technique does position several difficulties um so Johnny might you tell us about those difficulties yeah naturally 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End 2023