Over the last 5 or six years …Papaya Global Payroll Integrations… roles on the provider side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone 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 certainly not the peak of the sunlight 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 okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll likewise review a recap and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and managing them ends up being a growing number of complicated Worldwide companies are seeking to discover Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment standpoint many organizations maintain different savings account just for payroll while some have several accounts in various countries does it make good sense for business to maintain separate checking account in some cases in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they include more 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 further 1.1 billion people that number is currently 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 design there’s often an overwhelming variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or really really standard there’s no genuine consistency structure we’re living in an age of tech however payroll has actually 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 give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on international payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the required several processes 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 an excellent question I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it need 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 timespan 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 client’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is allowing us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market 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 data collection all the way through to paying individuals anywhere 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 essential to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by organizations throughout the world so once again you’re simply aiming to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we run in they simply make them more timely 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 operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact perspective on workers it is definitely vital 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 greatest detrimental result on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll option for your employees globally again I believe is another big um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and decreasing the number of tools platforms and savings account they need for their International 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 had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 involved in those processes and also so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting 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 look through them and actually see what was going on and type of shot to return to everyone so proceeding appearance why do business select to primary separate savings account there are Papaya Global Payroll Integrations services out there doing exactly this for specific countries and I have actually worked in a business or numerous businesses doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I think 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 purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it requires altering but ultimately people are very stuck to what they’re familiar
with right um modification is a difficult thing we all don’t like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping multiple savings account however there’s a big amount of intricacy goes with setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is big however I believe the honest response is modification um individuals have not had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this approach does pose numerous challenges um so Johnny might you tell us about those obstacles yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Integrations