Over the last five or 6 years …Papaya Global Employment Allowance 2021/22… roles on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort 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 kind of like see where everyone comes 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 drizzling here it’s extremely very gloomy and I want I was somewhere else at this moment in time okay 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 managing Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll likewise go over a recap and that should leave his time at the very really 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 Worldwide workforces become a growing number of common and managing them ends up being more and more intricate Global companies are seeking to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment viewpoint numerous companies keep different savings account just for payroll while some have several accounts in different nations does it make good sense for business to preserve separate bank accounts in some cases in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more complexity the international Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s often a frustrating variety of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or very extremely standard there’s no real consistency structure we’re living 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 and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal almost half of international services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the required several procedures 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 obstacles organization face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be consisted of best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 consumer’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if but 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 ultimately 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 however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being used by organizations throughout the world so once again you’re just wanting to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from an expense perspective from an effect point of view on workers it is definitely critical that it’s done correctly 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 greatest detrimental impact on people’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has actually been told 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 staff members or not um however ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as 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 very first International Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll solution for your workers globally again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everybody so carrying on look why do companies pick to main separate checking account there are Papaya Global Employment Allowance 2021/22 businesses out there doing exactly this for particular countries and I’ve worked in a business or many businesses doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but eventually individuals are very stuck with what they’re familiar
with best um change is a difficult thing we all do not like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining several savings account however there’s a big quantity of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is huge but I believe the sincere response is modification um people haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or so there is a lot to track and this technique does present numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Employment Allowance 2021/22