Over the last five or six years …Papaya Global Mali… roles on the provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll likewise review a wrap-up which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them ends up being more and more complicated Worldwide organizations are looking to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve separate savings account in some cases in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one country but when you’re doing it worldwide 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 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 additional 1.1 billion individuals 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 frequently an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely extremely basic there’s no real consistency structure we’re living in an era of tech however payroll has been slow 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 every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the needed multiple processes 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 difficulties company face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not 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 country there’s payment timespan 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 consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 innovation is permitting us to type of move forward with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to type of the level of complexity there’s more and more benefits being organ or being offered by businesses across the world so once again you’re simply wanting to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from an expense perspective from an effect viewpoint on workers it is absolutely vital that it’s done properly 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 destructive result on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just discover when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally as well. For that reason, it is important to ensure that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the first International Payments very first payroll payment option is a fantastic preliminary step towards offering a detailed payroll solution for workers worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account necessary for international payroll are crucial factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might 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 numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh definitely I can’t picture 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 kind of shot to return to everybody so proceeding appearance why do companies choose to main different bank accounts there are Papaya Global Mali businesses out there doing precisely this for particular nations and I have actually worked in an organization or many businesses doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone 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 requirement I think individuals have got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have 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 numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but eventually individuals are really stuck to what they’re familiar
with best um modification is a difficult thing we all do not like modification um so I believe it’s just sort 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 maintaining numerous bank accounts however there’s a huge quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is substantial however I think the sincere response is modification um individuals haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century approximately there is a lot to monitor and this method does present numerous difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Mali