Over the last 5 or 6 years …Papaya Global Find Out Total Holiday Days Paid… functions on the company side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also discuss a wrap-up and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and managing them becomes increasingly more complex Global companies are wanting to discover Solutions and new ways to streamline processes particularly from a payroll and cross-border payment viewpoint many organizations preserve different bank account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve different bank accounts in some cases in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments accurately effectively 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 expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they include more complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very basic there’s no real consistency structure we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included best and what does
it need to be considered there’s differing 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it also too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide 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 process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by services throughout the world so once again you’re just aiming to add more and more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or real difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion 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 in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know 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 greatest liability that any company has from an expense viewpoint from an impact point of view on workers it is absolutely vital 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 need to be done right it has the most significant damaging result on people’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 stuff is definitely important that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a terrific first step um supplying an end-to-end payroll service for your staff members worldwide again I believe is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and reducing the variety of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know 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 everyone that’s involved in those procedures and also so envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and kind of shot to return to everybody so proceeding appearance why do companies choose to primary separate bank accounts there are Papaya Global Find Out Total Holiday Days Paid organizations out there doing precisely this for particular countries and I’ve operated in a company or numerous organizations doing exactly that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement 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 purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a process that requires looking at it requires changing however eventually people are extremely stuck with what they recognize
with best um modification is a difficult thing all of us don’t like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping multiple checking account but there’s a huge amount of intricacy opts for establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is big but I believe the truthful response is modification um individuals haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does posture a number of challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just 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 Global staff members you are worthy of a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Find Out Total Holiday Days Paid