Over the last 5 or 6 years …Papaya Global Dr Congo… functions on the company side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely dreary and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes increasingly more complicated Global companies are wanting to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment perspective many organizations keep different savings account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep different savings account sometimes in various countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the international 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 streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s frequently a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or really very fundamental there’s no real consistency framework we’re residing in an era of tech however 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 every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a company spends on international payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the customer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to kind of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end procedure 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 live in and well-being being a growing number of important to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by companies across the world so again you’re just looking to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine tough type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop 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 require to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from an expense viewpoint from an impact point of view on employees it is absolutely crucial 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 need to be done right it has the biggest harmful effect on people’s well-being and lots of other aspects if people aren’t paid uh I’ve always been astonished coming into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. Therefore, it is vital to ensure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Worldwide Payments first payroll payment solution is a fantastic initial action towards offering an extensive payroll solution for staff members worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account essential for global payroll are essential factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we understand how how important a role it is and that’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 also so think of sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing 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 try to browse them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do business pick to primary different bank accounts there are Papaya Global Dr Congo businesses out there doing precisely this for specific countries and I have actually operated in a business or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and anybody that’s handling 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 think numerous factors one is it’s the standard I believe individuals have actually 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 simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing however eventually individuals are very stuck with what they’re familiar
with right um modification is a difficult thing all of us do not like change um so I believe it’s simply type 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 maintaining multiple savings account however there’s a big amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is big however I believe the sincere response is modification um individuals have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range 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 International employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Dr Congo