Over the last 5 or six years …Papaya Global Ni Verification… functions on the service provider side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 extremely dreary and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll likewise go over a wrap-up and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and handling them ends up being more and more complex International organizations are aiming to discover Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different bank accounts in some cases in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they add more complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 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 conventional payroll model there’s often an overwhelming variety of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely really standard there’s no genuine 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 frequently with pen and paper and that simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a photo 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 international businesses 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 because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a good question I always toss this back and state what is it what does not require to be included ideal and what does
it need to be considered there’s varying Bank information 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to sort of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m always astonished when people say I have actually divided 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 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 often 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by services across the world so again you’re simply aiming to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely say that the larger a company 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 information into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient 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 working in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense perspective from an effect perspective on employees it is absolutely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your staff members worldwide again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they require 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’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
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 easy as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of try to return to everybody so carrying on appearance why do business pick to main different checking account there are Papaya Global Ni Verification businesses out there doing precisely this for specific countries and I have actually worked in a service or many services doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I think people have got so utilized to we need a new checking 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 believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing but eventually people are extremely stuck to what they’re familiar
with ideal um change is a tough thing we all do not like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having keeping several bank accounts however there’s a substantial amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge but I think the truthful answer is change um people have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just 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 International workers you should have a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Ni Verification