Over the last five or six years …Papaya Global Insurance Company Llc… functions on the supplier side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide 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 type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also review a wrap-up which should 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 Global workforces become more and more typical and handling them becomes a growing number of complex Global organizations are seeking to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve different savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve separate bank accounts sometimes in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance data security and banking guidelines then there are the large numbers they include additional intricacy the international Workforce is presently three 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 presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming number of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really extremely standard there’s no real consistency framework we’re residing in an age 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 typically with pen and paper which simply blows my mind whenever I I believe
about it to give you a concept 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 offers me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be included best and what does
it require to be thought about there’s varying 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 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 developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to sort of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or real tough type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from an expense perspective from an effect perspective on employees it is definitely critical that it’s done correctly and on time so what we imply 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 detrimental result on people’s well-being and many other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type 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 workers or not um but ultimately payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a terrific initial step um providing an end-to-end payroll option for your employees globally once again I think is another substantial um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in terms of 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 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow 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 also so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture 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 a fascinating 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 held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of try to return to everybody so proceeding look why do companies pick to main different checking account there are Papaya Global Insurance Company Llc businesses out there doing exactly this for specific countries and I have actually worked in a company or many companies doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts 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 standard I believe people have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it needs changing however ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a difficult thing we all don’t like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping multiple bank accounts but there’s a big quantity of intricacy goes with establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is substantial however I think the sincere response is change um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture numerous difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I simply 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 should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Insurance Company Llc