Over the last five or six years …Papaya Global Payroll Register… roles on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 drizzling here it’s really really gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also review a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and handling them ends up being increasingly more complicated Global companies are seeking to find Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment perspective lots of companies keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain separate checking account in some cases in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the large numbers they add more intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely fundamental there’s no genuine consistency structure we’re residing in an era of tech however payroll has actually 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 simply 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 just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in global payroll the less of an image they see a lack of exposure likewise 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 worldwide services have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the essential 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 difficulties company face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of right 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 nation 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely vital however all over 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 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 definitely basic and technology is allowing us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to add to type of the level of complexity there’s more and more benefits being organ or being used by companies across the world so once again you’re simply wanting to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or real tough kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect point of view on workers it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. For that reason, it is vital to ensure that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the first Global Payments first payroll payment service is a fantastic preliminary step towards providing a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and bank accounts needed for global payroll are key factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyway 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 everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely 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 in fact see what was going on and type of try to get back to everyone so moving on look why do companies select to primary different savings account there are Papaya Global Payroll Register services out there doing exactly this for specific countries and I’ve operated in a business or numerous businesses doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I think individuals have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it needs changing however eventually people are really stuck with what they’re familiar
with best um change is a tough thing we all do not like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining several checking account but there’s a big amount of intricacy goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is huge but I believe the honest response is change um individuals have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range 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 International employees you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Register