Over the last five or 6 years …Xero Payroll Vs Papaya Global… roles on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort 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 type of like see where everyone originates 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 really extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they include additional intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s often a frustrating number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very basic there’s no real consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international companies have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the wrong place the typical cost of an international 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 world payroll and payments do not run smoothly if they depend on the necessary several 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 difficulties company face when they’re paying to workers or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 essential and technology is allowing us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by businesses across the world so again you’re simply seeking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine challenges or genuine difficult type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate 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 age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost point of view from an impact point of view on staff members it is absolutely critical 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 greatest damaging impact on people’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally as well. For that reason, it is important to ensure that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is an excellent preliminary action towards providing a thorough payroll option for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and savings account needed for international payroll are crucial consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we know 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean 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 require days of the week to try to look through them and really see what was going on and kind of shot to get back to everyone so carrying on look why do companies pick to main different bank accounts there are Xero Payroll Vs Papaya Global companies out there doing exactly this for specific nations and I’ve operated in a company or many businesses doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering but ultimately people are really stuck with what they’re familiar
with right um change is a challenging thing all of us don’t like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping several bank accounts however there’s a substantial amount of complexity chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is huge however I believe the honest response is modification um individuals have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this method does position a number of obstacles um so Johnny might you inform us about those challenges 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 Global staff members you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Xero Payroll Vs Papaya Global