Over the last five or six years …Papaya Global Login Admin… functions on the supplier side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 really very bleak and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also go over a recap which needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and handling them becomes increasingly more intricate Global organizations are wanting to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of organizations keep different bank account just for payroll while some have multiple accounts in different countries does it make sense for business to keep different bank accounts in some cases in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate 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 difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they add further complexity the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 model there’s frequently a frustrating 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 basic there’s no real consistency structure we’re residing in a period of tech however payroll has been slow 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 provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of international companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not need 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 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 complexity wherever you look ideal ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble very payments no if however 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 acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to sort of move forward with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work better together than ever um I’m always amazed 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 divide 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 eventually it’s payroll is an end-to-end procedure 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 well-being being increasingly more important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by companies across the world so once again you’re simply looking to include more and more payments to this currently intricate landscape so if you kind 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 difficulties or real challenging kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost perspective from an effect viewpoint on staff members it is absolutely vital 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 greatest damaging effect on individuals’s well-being and many other aspects if people aren’t paid uh I have actually always been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is an excellent initial step um offering an end-to-end payroll option for your workers globally again I believe is another substantial um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of companies and lowering the number of tools platforms and savings account they need for their Global 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 have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know 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 processes and also so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying 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 attempt to look through them and actually see what was going on and sort of shot to return to everybody so moving on appearance why do companies choose to main separate bank accounts there are Papaya Global Login Admin businesses out there doing precisely this for particular countries and I’ve operated in a business or numerous businesses doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anyone that’s dealing with 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 quantity that we are I believe numerous factors one is it’s the standard I believe people have actually got so used to we need a brand-new bank 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 simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering however eventually individuals are extremely stuck with what they’re familiar
with best um change is a tough thing we all do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving several bank accounts but there’s a huge amount of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is substantial but I think the sincere answer is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding to actually 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 understanding you know and there is an aspect of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to track and this technique does posture several obstacles um so Johnny might you inform us about those obstacles yeah obviously 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 staff members you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Login Admin