Over the last 5 or 6 years …Papaya Global Payment Summary Report… functions on the supplier side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 really bleak and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap which must leave his time at the very extremely 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 Global labor forces end up being more and more common and managing them ends up being a growing number of complicated International organizations are wanting to find Solutions and new methods to simplify procedures especially from a payroll and cross-border payment perspective numerous organizations maintain separate savings account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain separate savings account in some cases in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business enhance the episode complex procedures of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly 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 challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they add additional intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or very really fundamental there’s no genuine consistency structure we’re living in a period 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 each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the needed numerous 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 challenges company face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of right and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone 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 often split and cut up um ultimately 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 however 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 complexity there’s a growing number of benefits being organ or being used by companies across the world so again you’re simply seeking to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand 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 create additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age 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 appropriately as you said payroll is the single greatest liability that any service has from an expense viewpoint from an effect viewpoint on workers it is definitely 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 result on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been impressed coming into this Market kind of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. For that reason, it is important to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first International Payments very first payroll payment option is a fantastic initial step towards providing a thorough payroll solution for employees worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and bank accounts essential for worldwide payroll are essential factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow 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 simple as possible for everyone that’s involved in those procedures and also so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly 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 was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of try to return to everyone so proceeding look why do companies pick to main separate checking account there are Papaya Global Payment Summary Report companies out there doing exactly this for particular countries and I have actually operated in a company or many services doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and anyone that’s handling 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 factors one is it’s the standard I think individuals have actually got so used to we require a brand-new bank 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 think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of 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 altering however ultimately individuals are really stuck to what they recognize
with right um change is a tough thing all of us do not like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having preserving multiple savings account but there’s a substantial quantity of intricacy goes with setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is huge but I believe the truthful answer is change um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century approximately there is a lot to track and this technique does present several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payment Summary Report