Over the last 5 or six years …Papaya Global Data Repair… roles on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating 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 everyone originates from and I truly do hope it’s much sunnier than it is 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 very really uninspiring and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll likewise review a wrap-up and that should leave his time at the very really 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 more and more intricate Global companies are seeking to discover Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment viewpoint lots of companies maintain different savings account just for payroll while some have several accounts in various countries does it make good sense for companies to keep separate savings account sometimes in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they include more intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 model there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very really basic there’s no real consistency framework we’re residing in an age 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 and that just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be included best and what does
it need to be thought of there’s differing 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely 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 acknowledgment that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to add to sort of the level of complexity there’s more and more benefits being organ or being offered by businesses across the world so once again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would definitely state that the larger a service 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 information into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know 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 timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect viewpoint on workers it is absolutely critical that it’s done properly 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 greatest damaging effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been amazed entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort 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 employees or not um however ultimately payroll is such a crucial cycle we all 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 think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your staff members internationally again I think is another substantial um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of organizations and minimizing the number of tools platforms and savings account they need for their Worldwide 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 ever had a hundred thousand of 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 problems where things haven’t gone quite where they’re indicated 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 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 everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and type of try to return to everybody so carrying on appearance why do companies pick to main separate checking account there are Papaya Global Data Repair businesses out there doing precisely this for specific countries and I’ve worked in a service or numerous businesses 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 developing additional work for anybody where we don’t need to and anyone that’s handling 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 think numerous factors one is it’s the requirement I think people have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but 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 actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires altering however eventually individuals are very stuck to what they recognize
with right um change is a tough thing we all don’t like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple checking account however there’s a big quantity of complexity goes with establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge but I believe the honest answer is modification um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Data Repair