Over the last five or six years …Papaya Global Calendar 19/20… functions on the supplier side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple of uh well among 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 quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 extremely extremely bleak and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also discuss a recap and that should leave his time at the very really 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 workforces become a growing number of typical and managing them becomes a growing number of complicated International organizations are aiming to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment perspective lots of companies keep different checking account just for payroll while some have several accounts in different nations does it make sense for companies to maintain different savings account sometimes in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the global 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 enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they include further complexity the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people 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 around the world in the conventional payroll design there’s often an overwhelming number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or really extremely basic there’s no genuine consistency framework we’re residing in an era of tech but payroll has actually 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 believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on global payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international organizations have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be included right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 developing a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 basic and innovation is permitting us to type of progress with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer 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 anybody what is payroll who doesn’t operate in the payroll profession 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being provided by organizations throughout the world so again you’re just wanting to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine difficult type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense point of view from an impact viewpoint on staff members it is absolutely 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 have to be done right it has the greatest detrimental impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed 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 workers or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your employees internationally again I believe is another big um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely essential to success success of companies and minimizing the number of tools platforms and bank accounts they require for their Global payroll too couldn’t agree with you more and on the the front in regards to 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 quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
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 simple as possible for everybody that’s involved in those processes and likewise so picture 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 think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to return to everyone so carrying on look why do companies select to primary separate checking account there are Papaya Global Calendar 19/20 businesses out there doing exactly this for specific countries and I’ve operated in a business or many organizations doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think people have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually 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 numerous other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs changing however ultimately people are extremely stuck with what they’re familiar
with right um change is a tough thing all of us don’t like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having preserving numerous bank accounts but there’s a substantial quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is substantial however I think the sincere answer is change um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no real 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 figured out to be the next Century or so there is a lot to keep track of and this method does pose several challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just 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 staff members you are worthy of a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Calendar 19/20