Over the last 5 or 6 years …Mywau Papaya Global… functions on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 very very gloomy and I want 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 difficulty years of managing Global payroll why business keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and handling them becomes increasingly more complex Worldwide companies are seeking to discover Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment perspective lots of organizations maintain different checking account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate bank accounts sometimes in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to enhance working capital, and find how enhancing international payroll payments can change them from a difficult job into a tactical property.
Handling payroll internationally is an overwhelming job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of integration, leading to disparities and inadequacies. Despite living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and solutions to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on international payroll the less of an image they see a lack of presence also encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is delivered to the incorrect 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 money worldwide payroll and payments do not run smoothly if they depend on the necessary numerous 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 company face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be included best and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and technology is allowing us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by services across the world so again you’re just seeking to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info 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 does not always require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact viewpoint on staff members it is definitely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental impact on individuals’s well-being and many other aspects if people aren’t paid uh I’ve always been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has 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 however eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 things is definitely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment option is a terrific first step um offering an end-to-end payroll solution for your employees internationally again I think is another substantial um process again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to 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 quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how crucial 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh definitely I can’t picture 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 actually see what was going on and kind of try to return to everybody so moving on look why do companies select to primary different checking account there are Mywau Papaya Global businesses out there doing precisely this for particular nations and I’ve operated in a company or many companies doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have got so used 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 think it’s simply been the standard and the norm the people have actually 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 think there’s a range I believe this is a process that requires looking at it requires altering however ultimately people are really stuck with what they recognize
with ideal um change is a tough thing all of us do not like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping numerous savings account however there’s a big quantity of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is huge however I believe the sincere answer is change um individuals have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I just 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 Worldwide workers you deserve a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Mywau Papaya Global