Over the last five or six years …Papaya Global Nest Pension… functions on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 really uninspiring and I wish I was elsewhere at this moment in time fine so let’s start 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 maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and handling them ends up being a growing number of complex Global organizations are aiming to find Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment viewpoint numerous organizations keep different bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to preserve separate checking account in some cases in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance data security and banking rules then there are the sheer numbers they include more complexity the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people 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 standard payroll design there’s frequently an overwhelming variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very very basic there’s no genuine consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global services have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be consisted of right and what does
it require to be thought of there’s differing 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 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 best ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like extremely payments no if however 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 acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing groups work better together than ever um I’m always astonished when people state 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 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re just looking to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or real tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly state that the bigger an organization 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 details into the next function as it were that’s actually managing the payment side of things however 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 need to create extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost point of view from an effect point of view on employees it is definitely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging effect on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout 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 essential cycle, and individuals only observe when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a great preliminary action towards offering a detailed payroll solution for workers worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and bank accounts necessary for global payroll are essential factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how essential 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 everybody that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na say think of 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 discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and kind of try to get back to everyone so moving on appearance why do companies pick to primary different bank accounts there are Papaya Global Nest Pension companies out there doing precisely this for specific countries and I have actually worked in a company or many businesses doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing but eventually people are very stuck to what they recognize
with ideal um change is a difficult thing all of us do not like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving several bank accounts but there’s a substantial quantity of intricacy opts for establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is substantial however I think the sincere response is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this technique does position numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I simply 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 staff members you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Nest Pension