Over the last 5 or 6 years …Papaya Global Offices… roles on the company side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll also review a wrap-up and that should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them becomes a growing number of complex Global companies are looking to discover Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint numerous organizations keep different savings account just for payroll while some have several accounts in different countries does it make sense for business to preserve separate bank accounts often in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably policies compliance information security and banking rules then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 world in the standard payroll design there’s typically a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very very basic there’s no genuine 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 and that simply blows my mind whenever I I think
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 gives me sleepless nights and quite honestly the more a business invests in international payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global organizations have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the wrong place the average 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 all over the world payroll and payments do not run smoothly if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view 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 good question I constantly throw this back and state what is it what does not require to be included ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and technology is allowing us to type of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work better together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by services throughout the world so once again you’re just aiming to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an effect perspective on staff members it is absolutely crucial that it’s done properly and on time so what we suggest 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 destructive result on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been amazed entering this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody 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 only observe when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally too. For that reason, it is vital to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first Global Payments very first payroll payment service is a great initial step towards supplying a detailed payroll service for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and checking account needed for international payroll are key consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand how how essential a function 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 everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that numerous 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 job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and sort of try to get back to everyone so carrying on appearance why do companies pick to primary different checking account there are Papaya Global Offices organizations out there doing exactly this for particular nations and I have actually operated in a business or lots of organizations doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anyone that’s managing 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 amount that we are I think many factors one is it’s the requirement I believe individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it requires changing however ultimately people are very stuck to what they recognize
with ideal um modification is a hard thing we all do not like modification um so I believe it’s simply sort of moving away 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 numerous bank accounts but there’s a huge quantity of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is huge however I think the sincere answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or two there is a lot to track and this technique does pose a number of difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you switched our Business 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 deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Offices