Over the last five or six years …Papaya Global Group… roles on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 very really bleak and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap and that needs to leave his time at the extremely extremely 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 International labor forces end up being increasingly more typical and handling them becomes more and more complicated Worldwide organizations are wanting to discover Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective many companies keep separate checking account just for payroll while some have several accounts in different nations does it make sense for business to maintain different checking account in some cases in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they include further complexity the international Labor force is currently three and a half billion individuals 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 services and growing all doing their own thing all over the world in the conventional payroll model there’s typically an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really fundamental there’s no real consistency framework 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 frequently with pen and paper which simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of an image they see an absence of presence likewise 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 worldwide services have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be consisted of best 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 time frames there’s payment capabilities so can you pay it from International or do you need 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 ideal ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and technology is allowing us to type of move on with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I’ve divided 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 split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by services across the world so again you’re just aiming to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real challenges or real difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely state that the larger 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 groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an impact point of view on staff members it is absolutely vital that it’s done correctly and on time so what we mean 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 damaging impact on people’s well-being and numerous other elements if people aren’t paid uh I’ve always been astonished entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just observe when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first Global Payments very first payroll payment service is a fantastic initial step towards supplying a detailed payroll option for workers worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts needed for global payroll are essential consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know how how essential a function 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to return to everybody so moving on look why do companies pick to main separate bank accounts there are Papaya Global Group companies out there doing exactly this for specific nations and I have actually operated in a business or lots of businesses doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and any person 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 amount that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it requires changing but eventually people are really stuck with what they’re familiar
with best um change is a tough thing we all don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving several checking account but there’s a huge amount of complexity goes with setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is big but I think the sincere response is change um people have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does pose a number of challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Group