Over the last five or six years …Papaya Global National Insurance… functions on the service provider side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide 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 just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really bleak and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them becomes more and more complex Global companies are looking to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have several accounts in various countries does it make sense for business to preserve separate savings account often in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the worldwide Labor force is presently three and a half billion people 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 consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really extremely basic there’s no real consistency structure we’re residing in an age 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 typically with pen and paper and that simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on global payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors inadequately interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be consisted of ideal 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to type of the level of complexity there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re just looking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years 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 groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more timely 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 understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense viewpoint from an effect perspective on workers it is definitely important that it’s done correctly 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 harmful result on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been impressed entering this Market type of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first International Payments very first payroll payment service is an excellent initial step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and checking account necessary for international payroll are crucial consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we know how how essential a function 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 everybody that’s associated with those procedures and also so envision sorry I’m simply I was just 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 certain we’re talking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and type of try to return to everyone so moving on look why do companies pick to primary separate checking account there are Papaya Global National Insurance companies out there doing precisely this for specific nations and I have actually worked in an organization or numerous organizations doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody 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 think many factors one is it’s the requirement I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering however ultimately people are really stuck with what they’re familiar
with best um modification is a hard thing all of us do not like modification um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping several checking account however there’s a substantial quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is huge but I believe the sincere answer is change um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to monitor and this method does position a number of challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just did you changed 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 Global staff members you are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global National Insurance