Over the last 5 or six years …Papaya Global Reinstate Leavers… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 really gloomy and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up which must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and handling them becomes more and more complex Worldwide organizations are seeking to discover Solutions and new methods to improve procedures especially from a payroll and cross-border payment standpoint numerous companies maintain separate savings account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain different savings account sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it globally 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 add further intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated 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 around the globe in the standard payroll model there’s frequently an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very really fundamental there’s no real consistency structure we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global services have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors badly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included ideal and what does
it need to be considered 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you 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 innovation is allowing us to sort of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by companies across the world so once again you’re simply wanting 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 large experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would definitely state that the larger an organization 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 teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense viewpoint from an impact viewpoint on staff members it is absolutely critical that it’s done correctly 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 biggest destructive result on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly 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 ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a terrific initial step um offering an end-to-end payroll solution for your workers globally once again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
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 everybody that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everybody so carrying on look why do companies select to primary separate checking account there are Papaya Global Reinstate Leavers businesses out there doing precisely this for specific countries and I’ve operated in a service or numerous organizations doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I think people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing however ultimately individuals are very stuck with what they recognize
with ideal um change is a tough thing we all don’t like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping multiple bank accounts but there’s a big amount of intricacy opts for setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is substantial however I think the honest answer is change um people have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to monitor and this technique does position numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched 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 International employees you are worthy of a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Reinstate Leavers