Over the last 5 or 6 years …Papaya Global Company Van… functions on the supplier side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort 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 originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really dreary and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also go over a recap and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and handling them ends up being increasingly more complex Global companies are looking to find Solutions and new methods to simplify processes specifically from a payroll and cross-border payment viewpoint numerous companies keep different checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain separate checking account sometimes in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation however 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 rules then there are the sheer numbers they include more complexity the worldwide 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 individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really very basic there’s no genuine consistency framework we’re residing in a period 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 which just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global companies have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and say what is it what does not require to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if however some children 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 recognition that payroll payments are absolutely basic and innovation is enabling us to kind of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 frequently 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 people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to add to kind of the level of intricacy there’s increasingly more benefits being organ or being used by businesses throughout the world so again you’re just seeking to include increasingly more payments to this already complex landscape so if you type 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 real challenges or genuine tough type of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact 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 develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost point of view from an impact point of view on employees it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on people’s wellness and many other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. For that reason, it is important to make sure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the first International Payments first payroll payment solution is a great initial step towards providing an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and bank accounts required for international payroll are key factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how essential 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of 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 definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and sort of try to return to everyone so carrying on appearance why do companies select to primary separate bank accounts there are Papaya Global Company Van organizations out there doing exactly this for specific nations and I have actually operated in a service or lots of businesses doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s handling that process 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 believe lots of factors one is it’s the requirement I think people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing but ultimately individuals are really stuck with what they recognize
with best um change is a challenging thing all of us don’t like modification um so I think it’s simply type 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 bank accounts but there’s a big amount of complexity goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is huge however I believe the sincere answer is modification um people have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or two there is a lot to monitor and this method does pose several obstacles um so Johnny might you inform us about those obstacles yeah naturally 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 should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Company Van