Over the last five or six years …Papaya Global V23… roles on the service provider side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very bleak and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up and that must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and managing them ends up being a growing number of complicated Worldwide organizations are aiming to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint lots of organizations maintain separate savings account just for payroll while some have multiple accounts in different countries does it make sense for business to keep different savings account sometimes in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Workforce is presently 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 services and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or very really standard there’s no real consistency framework we’re living in an era of tech however payroll has been sluggish 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 every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on global payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the incorrect place the typical 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 essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and state what is it what does not require to be consisted of right 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to type of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone 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 frequently 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real challenges or real tough kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate 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 a period of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact viewpoint on workers it is definitely vital 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 impact on individuals’s wellness and numerous other aspects if people aren’t paid uh I have actually always been amazed entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us 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 think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a terrific first step um providing an end-to-end payroll option for your staff members globally again I believe is another big um process once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of services and reducing the number of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 associated with those procedures and likewise so imagine sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to get back to everyone so proceeding look why do companies pick to main different checking account there are Papaya Global V23 organizations out there doing precisely this for particular nations and I’ve operated in an organization or lots of businesses doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not have to and anyone that’s handling 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 many reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that needs looking at it requires altering however ultimately people are really stuck with what they’re familiar
with right um change is a tough thing we all don’t like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having maintaining multiple bank accounts but there’s a substantial quantity of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is huge however I believe the honest response is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep an eye on and this approach does pose numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global V23