Over the last five or six years …Papaya Global Incorrect Ni Number… roles on the supplier side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes 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 very really bleak and I want I was elsewhere at this moment in time fine so let’s begin our agenda 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
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise discuss a recap and that needs to leave his time at the really very 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 Global labor forces end up being more and more common and handling them ends up being a growing number of complex Global companies are seeking to discover Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment perspective numerous organizations preserve different savings account just for payroll while some have several accounts in various countries does it make good sense for business to preserve different checking account often in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 world in the conventional payroll model there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very fundamental there’s no genuine consistency framework we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just 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 companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have actually revealed that they do not 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 bad HCM information data entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be included best 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 nation there’s payment amount of time there’s payment abilities 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 intricacy anywhere you look ideal ultimately constructing a knowledge base is definitely critical however 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 look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation 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 Checking account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations across the world so once again you’re just seeking to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know 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 produce additional handoffs while doing sos that we operate in they simply 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 understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an impact point of view on workers it is absolutely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll option for your workers worldwide again I think is another substantial um process again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and type of try to return to everyone so proceeding appearance why do business choose to main different bank accounts there are Papaya Global Incorrect Ni Number businesses out there doing exactly this for particular nations and I have actually operated in a service or many services doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your ideas 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 standard I believe people have actually got so utilized to we need 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 believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look 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 think this is a procedure that needs taking a look at it requires changing however ultimately people are very stuck with what they’re familiar
with right um change is a difficult thing all of us do not like modification um so I think it’s just sort 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 understand clearly the advantages of having keeping multiple savings account however there’s a big amount of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is big however I think the truthful answer is modification um people have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range 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 Worldwide staff members you are worthy of a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Incorrect Ni Number