Over the last 5 or six years …Papaya Global Company File Location… functions on the company side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I wish I was elsewhere at this moment in time all right so let’s get started 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 business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them ends up being a growing number of complex Worldwide organizations are seeking to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective numerous companies preserve separate checking account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain different bank accounts often in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies enhance the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings 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 tactical asset so payroll can be hard in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most notably regulations compliance information security and banking rules then there are the large numbers they include further intricacy the global Labor force 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 currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating variety of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there’s no real consistency structure we’re living 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 typically with pen and paper and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global companies have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint 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 a good question I always toss this back and state what is it what does not need to be consisted of ideal and what does
it require 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 timespan 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 client’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link 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 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 varying Savings account Details varying banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 live in and wellness being more and more crucial to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so again you’re simply wanting to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or real tough type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would definitely state that the bigger a company 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 groups feeding info into the next function as it were that’s actually 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 run in they simply make them more prompt they make them less effective and they do not 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 that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense point of view from an impact viewpoint on staff members it is definitely crucial 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 have to be done right it has the greatest harmful result on people’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually 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 an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your workers worldwide again I believe is another huge um process again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and savings account they need 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested 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 role 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 associated with those processes and likewise so imagine sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everyone so proceeding look why do companies select to primary different savings account there are Papaya Global Company File Location companies out there doing precisely this for particular nations and I have actually operated in a business or lots of services doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and any person that’s managing that process 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 believe numerous factors one is it’s the requirement I think people have got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing but eventually individuals are really stuck with what they’re familiar
with right um change is a tough thing all of us don’t like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping numerous bank accounts however there’s a huge quantity of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is big but I think the honest response is change um people have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep track of and this method does position a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I just 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 International employees you are worthy of a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Company File Location