Over the last 5 or six years …Papaya Global Acquires Azimo… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really 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 very extremely dreary and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also go over a wrap-up which should leave his time at the really very 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 Global labor forces end up being a growing number of typical and managing them becomes a growing number of intricate Global organizations are wanting to find Solutions and new methods to simplify procedures especially from a payroll and cross-border payment perspective lots of organizations preserve separate checking account just for payroll while some have several accounts in various nations does it make sense for business to maintain different checking account in some cases in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance data security and banking rules then there are the sheer numbers they add additional complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely really basic there’s no genuine consistency structure we’re residing in a period of tech however 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 and that simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in global payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included right 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 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 consumer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 definitely fundamental and innovation is allowing us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being provided by organizations throughout the world so once again you’re simply seeking to add a growing number of payments to this already intricate landscape so if you kind 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 real difficulties or real difficult sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger an organization 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 groups 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 need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we run in they just 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 a period that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from an expense point of view from an effect viewpoint on employees it is definitely vital that it’s done correctly and on time so what we mean 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 detrimental impact on individuals’s wellness and many other aspects if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. For that reason, it is important to make sure that tasks like Wi-Fi International and other essential matters are done correctly. Using the first Worldwide Payments first payroll payment solution is an excellent initial action towards supplying a thorough payroll service for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and bank accounts necessary for global payroll are essential factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we understand 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 everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do business select to primary different savings account there are Papaya Global Acquires Azimo organizations out there doing precisely this for particular nations and I have actually worked in a company or numerous companies doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and anyone 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 quantity that we are I believe numerous reasons one is it’s the standard I believe people have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing but eventually individuals are really stuck to what they’re familiar
with best um modification is a challenging thing we all don’t like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping multiple checking account however there’s a huge quantity of intricacy goes with setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is big but I think the sincere response is change um people have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does position a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I simply did you switched our Business 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 workers you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Acquires Azimo