Over the last five or 6 years …Papaya Global P32 Report… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a recap which must leave his time at the extremely really 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 Global labor forces end up being a growing number of typical and handling them ends up being a growing number of intricate Global companies are looking to find Solutions and brand-new ways to streamline procedures 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 good sense for business to preserve separate savings account often in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they include further intricacy the global 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 currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s typically an overwhelming number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really really fundamental there’s no real consistency structure we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
about it to offer 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 provides me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the needed numerous processes 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 challenges service face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be included best and what does
it require to be thought of there’s varying Bank information 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 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 customer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by organizations across the world so once again you’re simply wanting to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an effect perspective on employees it is absolutely crucial 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 need to be done right it has the most significant harmful result on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout 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 important that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your staff members worldwide once again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of services and decreasing the number of tools platforms and savings account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to 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 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying 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 try to browse them and really see what was going on and kind of shot to return to everybody so proceeding look why do business select to primary different checking account there are Papaya Global P32 Report companies out there doing precisely this for particular countries and I have actually operated in an organization or numerous companies doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and any person that’s dealing with that procedure 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 think numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering however eventually individuals are extremely stuck with what they’re familiar
with right um change is a challenging thing we all do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining multiple checking account however there’s a huge quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is big but I think the honest response is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this method does present a number of difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global P32 Report