Over the last five or six years …Papaya Global Late Payroll… roles on the provider side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 drizzling here it’s extremely really gloomy and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll also review a recap and that should leave his time at the very very 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 become increasingly more typical and managing them becomes a growing number of intricate International companies are looking to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment viewpoint many companies preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for business to keep separate checking account sometimes in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add more complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s typically an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very standard there’s no genuine consistency framework we’re residing in a period of tech but 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 every 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 provides me sleepless nights and rather honestly the more a service invests in international payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be included right and what does
it need 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 timespan there’s payment abilities 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if however some infants 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 acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and financing groups work more detailed together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people 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 important to add to type of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re simply looking to add a growing number of payments to this already complex 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 real obstacles or genuine challenging kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would definitely say that the bigger an organization 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 details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos 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 a period 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 challenging as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from an expense point of view from an impact viewpoint on workers it is definitely 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 have to be done right it has the most significant harmful effect on individuals’s wellness and many other aspects if people aren’t paid uh I have actually always been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe 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 vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a great primary step um providing an end-to-end payroll service for your workers worldwide again I think is another big um process once again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of companies and minimizing the number 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 terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 processes and likewise so think of sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do business select to primary different savings account there are Papaya Global Late Payroll organizations out there doing precisely this for particular countries and I have actually worked in a service or numerous businesses doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe 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 believe 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 purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced 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 methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs altering however eventually individuals are very stuck with what they recognize
with best um modification is a challenging thing all of us do not like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having preserving multiple bank accounts however there’s a huge amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is substantial however I think the honest answer is modification um people haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank 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 however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to track and this technique does present several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed 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 Worldwide staff members you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Late Payroll