Over the last 5 or 6 years …Papaya Global Payroll Customer Service… functions on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 really extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll also discuss a wrap-up which must leave his time at the extremely very 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 Global labor forces become increasingly more typical and handling them becomes increasingly more intricate International companies are wanting to find Solutions and new methods to streamline processes particularly from a payroll and cross-border payment standpoint numerous companies preserve separate bank account just for payroll while some have several accounts in various countries does it make good sense for companies to keep separate checking account often in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance 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 savings account how business precisely forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate 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 reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they add more complexity the global Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really very standard there’s no genuine consistency framework we’re residing 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 frequently with pen and paper which just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the wrong place the typical cost 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 cash around the world payroll and payments don’t run smoothly if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great question 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 thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 ideal eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to sort of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third 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 intricacy there’s more and more advantages being organ or being offered by organizations across the world so once again you’re just looking to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or real challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a business 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 teams feeding information into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate 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 era of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost viewpoint from an effect viewpoint on staff members it is absolutely critical 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 greatest destructive result on people’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the first International Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll service for your workers internationally once again I think is another huge um process once again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their Worldwide payroll too could not 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 do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway 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 involved in those procedures and also so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job 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 need days of the week to try to browse them and actually see what was going on and type of try to return to everybody so carrying on appearance why do business select to primary different savings account there are Papaya Global Payroll Customer Service businesses out there doing exactly this for particular countries and I’ve worked in a company or numerous services doing precisely that I can state it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think people have got so utilized to we need a new bank account we open an entity and appropriately so you require 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 individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs altering however ultimately people are extremely stuck to what they recognize
with right um modification is a challenging thing we all do not like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving numerous checking account however there’s a big quantity of intricacy goes with setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is substantial however I think the truthful response is modification um people haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or so there is a lot to track and this approach does position numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety 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 workers you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Customer Service