Over the last 5 or six years …How To.Change The Colourof Papaya Global… roles on the company side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well one of 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 rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really 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 drizzling here it’s really really bleak 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 obstacle years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that ought to leave his time at the really really 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 Global workforces become more and more common and handling them becomes increasingly more complex International organizations are looking to find Solutions and new methods to improve processes specifically from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have several accounts in various countries does it make good sense for business to keep separate bank accounts in some cases in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the international Labor force is currently three and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming variety of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very basic there’s no genuine consistency structure we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in international payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential 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 obstacles business face when they’re making payments to employees or otherwise that’s a good question I always toss this back and state what is it what does not require to be included best and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m constantly astonished 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 computation 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 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 wellness being a growing number of essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by services throughout the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or real challenging sort of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create additional 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 need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost point of view from an impact point of view on employees it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on individuals’s wellness and lots of other elements if individuals aren’t paid uh I have actually always been impressed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed 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 workers or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a great initial step um supplying an end-to-end payroll service for your employees internationally again I believe is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how essential 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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t imagine 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 really see what was going on and kind of shot to get back to everyone so moving on appearance why do business select to primary different bank accounts there are How To.Change The Colourof Papaya Global companies out there doing exactly this for specific countries and I’ve operated in a business or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and any person that’s managing 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 think many reasons one is it’s the standard I think individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing but eventually people are really stuck with what they recognize
with right um modification is a difficult thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving multiple savings account however there’s a substantial quantity of complexity chooses 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 individuals so the intricacy is big but I believe the truthful answer is change um individuals have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to track and this technique does position a number of obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. How To.Change The Colourof Papaya Global