Over the last 5 or six years …Papaya Global Wheniwork… roles on the company side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really 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 bleak and I wish I was somewhere else at this moment in time alright 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 managing International payroll why business keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also go over a wrap-up and that must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them ends up being more and more complicated Worldwide organizations are looking to discover Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment standpoint lots of companies preserve separate bank account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve different checking account often in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business streamline the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the worldwide Labor force 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 individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s often an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or really really fundamental there’s no genuine consistency framework we’re living in an age of tech but 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 and that just blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s differing Bank details 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 absolutely essential and technology is enabling us to sort of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re simply looking to include increasingly more payments to this currently complicated 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 genuine challenges or genuine tough kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they don’t 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 why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any business has from an expense point of view from an effect perspective on employees it is absolutely important 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 need to be done right it has the biggest detrimental result on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been surprised entering this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is an excellent primary step um supplying an end-to-end payroll service for your employees worldwide again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and lowering the number of tools platforms and bank accounts they require for their Worldwide 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 have actually never ever had a hundred countless them within a payroll cycle don’t 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 quite where they’re implied to be um I do not 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 everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everybody so carrying on appearance why do companies select to main separate savings account there are Papaya Global Wheniwork services out there doing precisely this for particular countries and I’ve worked in a service or lots of organizations doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anyone that’s managing 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 believe lots of factors one is it’s the standard I think people have got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look 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 needs looking at it requires altering however ultimately people are really stuck to what they recognize
with ideal um modification is a challenging thing we all do not like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining multiple checking account but there’s a substantial amount of intricacy chooses establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge but I think the truthful answer is change um people have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this technique does present several difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just did you changed our Enterprise 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 Worldwide staff members you should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Wheniwork