Over the last 5 or six years …Papaya Global Helpdesk… functions on the provider side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather 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 comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a wrap-up which ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and managing them ends up being a growing number of intricate International companies are aiming to find Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment perspective numerous organizations keep separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep separate bank accounts in some cases in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies improve the episode complex procedures of
making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or very extremely fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has been sluggish 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 provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be consisted of best and what does
it need to be considered there’s varying Bank information 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 customer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by companies throughout the world so once again you’re just seeking to add increasingly more payments to this already complicated 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 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 say that the larger a company gets the more it tends to segregate the payroll and the payments operates 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 opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect point of view on workers it is definitely important 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 need to be done right it has the greatest detrimental effect on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually always been amazed entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. Therefore, it is vital to make sure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a terrific initial action towards offering a comprehensive payroll option for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts necessary for global payroll are key consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Eventually, we do not do it for the appreciation.
anyway we understand how how important a function it is and that’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 everyone that’s associated with those processes and likewise so envision sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do companies pick to primary different savings account there are Papaya Global Helpdesk services out there doing exactly this for specific nations and I have actually worked in a service or many companies doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s dealing with 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 standard I believe individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering however ultimately individuals are extremely stuck to what they’re familiar
with right um modification is a challenging thing we all don’t like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining several savings account however there’s a big amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is big but I believe the honest answer is modification um individuals haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I think 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’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Helpdesk