Over the last 5 or six years …Alternatives To Papaya Global Payroll… roles on the company side and likewise on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 very uninspiring and I wish I was elsewhere at this moment in time alright 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 keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of typical and handling them becomes a growing number of complex International organizations are seeking to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint many companies maintain separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different checking account in some cases in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex processes of
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most importantly regulations compliance data security and banking guidelines then there are the large numbers they add further intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll design there’s frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very really fundamental there’s no real consistency framework we’re residing in an age 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 just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the incorrect 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 cash worldwide payroll and payments do not run smoothly if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges 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 does not require to be included ideal and what does
it need to be thought of there’s varying Bank details 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 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 eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if but 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 acknowledgment that payroll payments are definitely essential and technology is allowing us to sort of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide 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 process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re simply wanting to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or real challenging kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said 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 important 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 need to be done right it has the most significant destructive effect on individuals’s wellness and lots of other factors if individuals aren’t paid uh I’ve always been impressed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. For that reason, it is vital to ensure that jobs like Wi-Fi International and other important matters are done correctly. Using the first Worldwide Payments very first payroll payment option is a great initial step towards supplying a comprehensive payroll service for employees worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and savings account necessary for global payroll are crucial factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyway we know how how crucial 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 everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na state 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 numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of shot to return to everybody so carrying on look why do business choose to main separate bank accounts there are Alternatives To Papaya Global Payroll companies out there doing precisely this for specific countries and I’ve worked in a company or numerous organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I think individuals have got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think 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 contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it needs changing however eventually individuals are really stuck to what they recognize
with right um modification is a challenging thing we all do not like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving numerous checking account but there’s a huge quantity of complexity opts for setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big but I think the truthful answer is change um people haven’t had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does position several obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
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