Over the last 5 or 6 years …Papaya Global France… functions 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 everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really 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 extremely gloomy and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and handling them ends up being a growing number of intricate Worldwide organizations are looking to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve different checking account in some cases in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly policies compliance information security and banking rules then there are the sheer numbers they add more complexity the global Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s often an overwhelming variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very really standard there’s no real consistency structure we’re living in a period 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 frequently with pen and paper and that just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services 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 spends on worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like incredibly 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 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 wellness being more and more essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re simply wanting to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works 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 however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact perspective on staff members it is absolutely critical that it’s done properly and on time so what we imply 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 destructive effect on people’s well-being and many other factors if people 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
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Worldwide Payments first payroll payment service is a terrific preliminary action towards offering a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account necessary for international payroll are essential factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyhow 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 associated with those processes and also so think of sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everybody so moving on look why do companies select to main different checking account there are Papaya Global France businesses out there doing precisely this for particular countries and I’ve operated in a company or many businesses doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anyone that’s dealing with 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 reasons one is it’s the requirement I think people have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires changing however ultimately people are very stuck with what they recognize
with best um change is a hard thing we all don’t like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving multiple bank accounts however there’s a huge amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private people so the intricacy is big but I think the sincere answer is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does position several obstacles um so Johnny could you tell us about those challenges yeah obviously 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 workers you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global France