Over the last 5 or 6 years …Papaya Global Payroll Documents Disappeared… functions on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine 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 rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also go over 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and handling them ends up being more and more complex International companies are wanting to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment viewpoint numerous organizations preserve different savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep separate checking account sometimes in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex processes of
making payroll payments precisely effectively securely 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 companies accurately forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they add further intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very extremely fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies 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 mistakes are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be included best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 complexity wherever you look ideal eventually developing a knowledge base is definitely important but all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 essential and technology is allowing us to kind of progress with that it also also to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll 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 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to contribute to type of the level of complexity there’s increasingly more benefits being organ or being provided by organizations across the world so again you’re just aiming to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or real challenging kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things but 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 create extra handoffs in the processes that we run in they just make them more prompt 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 difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an effect viewpoint on employees it is definitely 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 have to be done right it has the most significant destructive impact on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has been informed 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 employees or not um however eventually payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 stuff is definitely essential 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 employees worldwide again I think is another big um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their Global 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 thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how important 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that many 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 attempting to clean up 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 browse them and actually see what was going on and sort of try to get back to everybody so carrying on appearance why do companies choose to main separate bank accounts there are Papaya Global Payroll Documents Disappeared businesses out there doing exactly this for particular nations and I have actually operated in a company or numerous businesses doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted 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 methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing but eventually individuals are extremely stuck with what they recognize
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple checking account but there’s a big quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is substantial but I think the truthful response is change um individuals have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to track and this approach does posture a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I simply did you switched 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 International employees you are worthy of a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Documents Disappeared