Over the last 5 or 6 years …Enable E Banking Papaya Global… functions on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business maintain different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they include additional complexity the worldwide Workforce is presently three 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 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 standard payroll design there’s frequently an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely extremely fundamental there’s no real consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global services have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is shipped to the wrong location the average expense 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 smoothly 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 needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 frequently 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 anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so once again you’re simply seeking to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or real tough kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would absolutely state 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 details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any business has from an expense point of view from an impact viewpoint on employees it is definitely vital that it’s done properly and on time so what we imply 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 destructive impact on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is a fantastic initial step towards providing an extensive payroll solution for workers worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts needed for international payroll are key consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyway we understand how how essential a function 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 everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean 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 require days of the week to try to browse them and in fact see what was going on and sort of try to get back to everyone so carrying on appearance why do business choose to main different checking account there are Enable E Banking Papaya Global businesses out there doing precisely this for particular countries and I’ve operated in a service or many companies doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not need to and anyone that’s handling 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 amount that we are I believe numerous factors one is it’s the requirement I believe individuals have actually got so used to we need a new bank account we open an entity and rightly so you require 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 adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering however ultimately people are extremely stuck to what they recognize
with right um change is a tough thing all of us don’t like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving multiple checking account but there’s a huge amount of complexity goes with setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I think the sincere response is change um individuals have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this method does position several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Enable E Banking Papaya Global