Over the last five or six years …Paul Foery Papaya Global… roles on the supplier side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 very very dreary and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up which must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and handling them ends up being a growing number of intricate Worldwide companies are wanting to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment standpoint many companies maintain different savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve separate bank accounts often in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments accurately effectively securely 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 accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the international Labor force is presently three and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very very basic there’s no genuine consistency framework we’re residing in a period 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 typically with pen and paper which just blows my mind whenever I I think
about it to provide you a concept 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 offers me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international businesses have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the required several processes 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 difficulties company face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be consisted of best 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 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 any place you look ideal eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to sort of the level of intricacy there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re simply seeking to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or genuine challenging type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect point of view on employees 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 harmful impact on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all hear about 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 workout 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 essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a terrific initial step um supplying an end-to-end payroll solution for your staff members worldwide again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and bank accounts 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 had a hundred thousand of 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 have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
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 everybody that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting 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 try to look through them and in fact see what was going on and type of try to return to everyone so carrying on appearance why do companies choose to primary separate savings account there are Paul Foery Papaya Global companies out there doing precisely this for particular nations and I’ve worked in an organization or many organizations doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone 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 think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I believe individuals have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing however eventually people are very stuck to what they recognize
with right um change is a difficult thing all of us don’t like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving multiple checking account however there’s a substantial amount of complexity opts for setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is big but I believe the honest answer is modification um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or so there is a lot to keep track of and this approach does position a number of obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply did you switched our Enterprise 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 staff members you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Paul Foery Papaya Global