Over the last 5 or 6 years …Papaya Global Holiday Scheme 2… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s drizzling here it’s very really dreary and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll likewise review a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and managing them becomes a growing number of complicated Global organizations are looking to discover Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment perspective many organizations preserve different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate bank accounts sometimes in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies simplify the episode complex processes of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance information security and banking rules then there are the large numbers they include further complexity the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s typically a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely really standard there’s no real consistency structure we’re living in an era of tech however 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 which simply blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide organizations have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not require to be included right and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely critical however all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link 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 innovation is permitting us to kind of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed 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 anybody what is payroll who does not work in the payroll profession 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 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 people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by services across the world so once again you’re simply aiming to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not 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 era of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from an expense viewpoint from an impact perspective on workers it is definitely important 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 most significant destructive result on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been astonished entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 essential that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll service for your staff members globally once again I believe is another substantial um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and minimizing the variety 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 regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how important 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 everyone that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up 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 really see what was going on and sort of try to return to everyone so carrying on appearance why do companies choose to primary separate savings account there are Papaya Global Holiday Scheme 2 services out there doing precisely this for specific countries and I have actually operated in a business or many companies doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think people have actually got so used to we require a 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 believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing however ultimately individuals are very stuck to what they’re familiar
with right um modification is a challenging 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 understand clearly the benefits of having maintaining multiple checking account but there’s a big amount of complexity chooses setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge but I believe the truthful response is change um people have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to monitor and this method does position numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Holiday Scheme 2