Over the last five or 6 years …Can I Reissue P45 Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two 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 currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 raining here it’s very really gloomy and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a recap and that should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and managing them becomes increasingly more complicated Global companies are looking to discover Solutions and new ways to simplify procedures especially from a payroll and cross-border payment viewpoint numerous companies keep separate checking account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate bank accounts often in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most notably guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the worldwide Labor force is presently three and a half billion individuals 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 services and growing all doing their own thing all over the world in the standard payroll design there’s often an overwhelming number of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely very fundamental there’s no genuine consistency structure we’re living in an era of tech but payroll has 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 simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global companies have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of 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 nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m always amazed when people state I have actually split 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 divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals 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 crucial to contribute to type of the level of complexity there’s more and more benefits being organ or being used by businesses across the world so once again you’re just seeking to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely 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 job there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from an expense perspective from an effect viewpoint on employees it is definitely critical 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 harmful impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just 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 stuff is definitely vital that all of this things is done properly so leveraging the very first Global Payments very first payroll payment option is a fantastic initial step um supplying an end-to-end payroll option for your employees globally once again I think is another huge um process once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of organizations and minimizing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
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 procedures and likewise so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean 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 browse them and in fact see what was going on and type of shot to return to everyone so moving on appearance why do business choose to main different bank accounts there are Can I Reissue P45 Papaya Global services out there doing exactly this for particular countries and I’ve worked in a business or many services doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not have to and anyone that’s dealing with 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 lots of factors one is it’s the standard I think individuals have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions 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 individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it requires altering but ultimately people are very stuck with what they’re familiar
with right um change is a hard thing all of us do not like modification um so I think it’s simply kind 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 maintaining multiple bank accounts but there’s a substantial quantity of complexity opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is huge however I think the honest response is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to monitor and this technique does posture a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Can I Reissue P45 Papaya Global