Over the last 5 or 6 years …Papaya Global Email Payslips Gdpr… functions on the provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone 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 type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly 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 drizzling here it’s extremely really dreary and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business preserve different
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping separate checking account for payroll in different 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 go over why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add further intricacy the worldwide Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll design there’s often an overwhelming variety of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 consumer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely important however 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 sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of progress with that it also 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 definitely essential that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by services across the world so again you’re just wanting to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates 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 opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs in the processes 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 an age that you understand that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense point of view from an impact perspective on workers it is absolutely critical that it’s done properly 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 greatest damaging effect on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has been informed 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 an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think 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 definitely important that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll option for your staff members globally once again I believe is another big um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of services and lowering the number of tools platforms and savings account they require for their International 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate 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 rather 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 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 everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean 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 require days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everybody so moving on appearance why do companies pick to primary separate bank accounts there are Papaya Global Email Payslips Gdpr businesses out there doing precisely this for particular countries and I’ve operated in a business or lots of services doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it requires changing however eventually individuals are very stuck with what they’re familiar
with ideal um change is a challenging thing all of us don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having keeping multiple savings account however there’s a huge quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial but I think the truthful answer is modification um individuals haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century approximately there is a lot to track and this approach does posture numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise 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 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Email Payslips Gdpr