Over the last five or six years …Papaya Global Thinks Its On An Unsupported Os… roles on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone 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 drizzling here it’s very very dreary and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review a wrap-up and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them becomes increasingly more complex Global organizations are aiming to find Solutions and new ways to improve processes particularly from a payroll and cross-border payment perspective many organizations keep different checking account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different checking account in some cases in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include 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 more 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 around the world in the standard payroll design there’s frequently a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely extremely fundamental there’s no genuine consistency framework we’re living in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on international payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted 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 incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and say what is it what does not need to be included best and what does
it need 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 time frames there’s payment abilities 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 complexity wherever you look right eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move on with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I’m constantly astonished 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 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being used by businesses throughout the world so once again you’re just aiming to add a growing number of payments to this currently complex landscape so if you type 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 genuine challenging kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint 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 at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any service has from a cost point of view from an effect point of view on staff members it is definitely crucial that it’s done correctly and on time so what we mean 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 harmful result on individuals’s wellness and numerous other elements if people aren’t paid uh I’ve constantly been impressed entering this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind 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 however eventually payroll is such an essential cycle we all become aware of 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 think 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 things is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your staff members globally again I think is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and checking account 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 easy as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean 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 up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everybody so moving on look why do companies select to main separate savings account there are Papaya Global Thinks Its On An Unsupported Os services out there doing exactly this for particular nations and I’ve worked in an organization or lots of organizations doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anyone that’s managing that procedure 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 believe many factors one is it’s the requirement I believe people have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just 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 taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing however eventually people are really stuck with what they recognize
with best um change is a tough thing we all do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving several bank accounts but there’s a big quantity of intricacy goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial but I think the honest response is modification um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or two there is a lot to keep track of and this approach does position a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety 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 Worldwide employees you deserve a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Thinks Its On An Unsupported Os