Over the last five or 6 years …Tutorial Papaya Global… functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort 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 really very gloomy and I want I was somewhere else 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 obstacle years of handling Global 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 streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also review a recap and that must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and handling them ends up being more and more complicated Worldwide organizations are looking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve separate savings account often in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they add further complexity the international Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 all over the world in the conventional payroll model there’s frequently a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or very really standard there’s no real consistency structure 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 simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of international businesses have revealed that they don’t 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 information entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be included ideal and what does
it require 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 time frames 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 client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 sort of move on with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to type of the level of complexity there’s increasingly more benefits being organ or being offered by services throughout the world so again you’re just wanting to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know 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 create additional 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 a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect viewpoint on workers it is absolutely vital that it’s done properly 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 most significant detrimental impact on people’s well-being and many other factors if people aren’t paid uh I have actually constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a fantastic initial step towards supplying a thorough payroll option for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account required for worldwide payroll are crucial consider achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how crucial 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just 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 sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everyone so proceeding look why do business pick to main different savings account there are Tutorial Papaya Global services out there doing precisely this for particular nations and I’ve operated in a business or numerous services doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering but eventually individuals are very stuck with what they recognize
with right um change is a challenging thing all of us don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining numerous savings account however there’s a substantial amount of intricacy opts for establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is huge but I believe the honest answer is change um people haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep track of and this technique does present a number of difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I simply did you changed 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 Worldwide workers you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Tutorial Papaya Global