Over the last five or 6 years …Papaya Global Senegal… roles on the supplier side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of 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 fascinating 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 everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also review a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them ends up being more and more complicated Global organizations are wanting to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment standpoint lots of organizations maintain different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve separate checking account in some cases in various nations it does but 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 helping multinational companies improve the episode complex processes of
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they add more complexity the global Labor force is presently 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 consider that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s often an overwhelming variety of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely really basic there’s no genuine consistency structure 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 frequently with pen and paper which simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the wrong location the typical expense of an international 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 smoothly if they depend on the essential multiple 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 paying to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be included ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of progress with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re simply wanting to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or real challenging kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates 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 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 understand long gone are the times where we require to create extra handoffs while doing sos that we run 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 an era that you know that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an effect viewpoint on employees it is definitely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful effect on individuals’s well-being and many other aspects if people aren’t paid uh I have actually always been surprised coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has been told 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 but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think 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 absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic first step um supplying an end-to-end payroll option for your employees worldwide once again I believe is another huge um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of services and lowering the variety of tools platforms and checking account they require 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 have actually never had a hundred countless 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 rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how crucial a function 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 easy as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and sort of try to get back to everyone so carrying on look why do business choose to main separate savings account there are Papaya Global Senegal organizations out there doing precisely this for particular countries and I’ve worked in an organization or numerous organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and any person 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 think lots of reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly 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 standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires changing however eventually individuals are extremely stuck to what they recognize
with best um modification is a difficult thing we all do not like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving multiple savings account however there’s a substantial amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is big however I believe the sincere answer is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding 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 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 looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep track of and this approach does present several difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply 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 Worldwide employees you are worthy of a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Senegal