Over the last five or 6 years …Papaya Global Chile… roles on the company side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind 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 originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really bleak and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably regulations compliance information security and banking rules then there are the large numbers they add further complexity the global Labor force is presently three and a half billion people by 2030 it’s approximated 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 companies and growing all doing their own thing all over the world in the standard payroll model there’s frequently a frustrating number of different systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely extremely fundamental there’s no genuine consistency framework 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 typically with pen and paper and that simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global companies have 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 poor HCM data information entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be included right and what does
it require to be thought about there’s varying Bank information 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely important but 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing 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 varying Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m constantly impressed when people say 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 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 frequently 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 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 a growing number of crucial to add to type of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so once again you’re simply looking to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay individuals I believe yeah I indicate 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 groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single most significant liability that any organization has from an expense perspective from an effect point of view on staff members it is definitely crucial 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 damaging impact on people’s wellness and lots of other factors if people aren’t paid uh I’ve 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 properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other important matters are done properly. Using the very first Worldwide Payments first payroll payment solution is a great preliminary step towards providing a comprehensive payroll solution for employees worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and checking account essential for worldwide payroll are crucial factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyway we understand how how essential 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 associated with those processes and likewise so think of sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to return to everybody so carrying on look why do companies pick to main separate checking account there are Papaya Global Chile services out there doing precisely this for specific countries and I have actually worked in an organization or lots of services doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and any person that’s handling 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 lots of factors one is it’s the requirement I believe individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I think this is a process that needs looking at it requires changing however eventually individuals are really stuck to what they recognize
with ideal um modification is a difficult thing all of us do not like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping several savings account however there’s a huge amount of intricacy goes with setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is big but I believe the sincere response is change um people haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep track of and this approach does present several difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just did you switched 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 workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Chile