Over the last 5 or 6 years …Nmanagement Center In Papaya Global… functions on the provider side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really gloomy and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll likewise review a wrap-up which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them ends up being increasingly more complex Worldwide companies are seeking to find Solutions and new ways to simplify procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve separate checking account just for payroll while some have multiple accounts in different nations does it make sense for business to keep separate checking account often in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex processes of
making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is currently 3 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 services and growing all doing their own thing worldwide in the conventional payroll design there’s frequently an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very very basic there’s no real consistency structure 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 often with pen and paper and that simply blows my mind whenever I I think
about it to provide 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 offers me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors badly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the incorrect location the average 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 cash worldwide payroll and payments do not run smoothly if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be included right and what does
it need to be considered 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is enabling us to type of move on with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 information 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 reside in and well-being being increasingly more important to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re simply seeking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a service 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 details 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 need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost point of view from an impact viewpoint on workers it is absolutely crucial 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 have to be done right it has the greatest detrimental result on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a great primary step um providing an end-to-end payroll solution for your employees worldwide once again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and checking account they require for their Global 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how crucial a function 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 simple as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say imagine 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 speaking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do companies pick to primary different savings account there are Nmanagement Center In Papaya Global businesses out there doing precisely this for specific nations and I’ve operated in a business or numerous companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anybody that’s handling 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 believe many reasons one is it’s the standard I believe people have got so utilized to we need a brand-new checking 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 just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering however ultimately people are very stuck with what they’re familiar
with right um change is a tough thing we all don’t like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving numerous bank accounts but there’s a substantial quantity of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the complexity is substantial but I believe the honest answer is change um people haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or so there is a lot to track and this technique does present several challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed 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 Global employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Nmanagement Center In Papaya Global