Over the last five or six years …Papaya Global Algeria… 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 everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually 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 raining here it’s extremely really uninspiring and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also review a recap and that needs to 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 International labor forces become a growing number of common and handling them becomes increasingly more complicated Worldwide organizations are seeking to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have multiple accounts in various nations does it make sense for business to keep different bank accounts often in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they add further complexity the worldwide Labor force is presently 3 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 presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there’s typically a frustrating variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very standard there’s no genuine consistency framework we’re residing in an era 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 often with pen and paper which just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary numerous procedures 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 difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought of there’s varying Bank information 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 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 any place you look right ultimately developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble super payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk 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 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to sort of the level of complexity there’s more and more benefits being organ or being offered by companies across the world so again you’re just looking to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost viewpoint from an impact point of view on staff members it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on people’s wellness and many other aspects if people aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a terrific initial step um offering an end-to-end payroll service for your employees internationally once again I believe is another huge um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of companies and reducing 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 regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how important 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 involved in those processes and also so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying 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 need days of the week to try to check out them and really see what was going on and type of try to get back to everybody so proceeding look why do business choose to primary different savings account there are Papaya Global Algeria organizations out there doing exactly this for specific countries and I’ve worked in a company or numerous services doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I think people have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute 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 variety I think this is a process that needs taking a look at it requires altering but eventually people are very stuck to what they recognize
with ideal um change is a challenging thing we all do not like modification um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple savings account however there’s a big amount of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge however I think the sincere response is modification um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched our Enterprise 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 International staff members you should have a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Algeria