Over the last 5 or six years …Process A New Company Papaya Global… functions on the provider side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all 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 simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 extremely very gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them becomes increasingly more intricate Worldwide organizations are looking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint numerous companies keep different bank account just for payroll while some have several accounts in various nations does it make good sense for companies to keep different checking account often in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business simplify the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly policies compliance information security and banking rules then there are the large numbers they include additional intricacy the global Labor force is presently 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 services and growing all doing their own thing worldwide in the standard payroll design there’s often an overwhelming number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or very really basic there’s no genuine consistency framework we’re residing in an era 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 typically with pen and paper and that simply 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 just 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely basic and innovation is allowing us to kind of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m always astonished when individuals 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 an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to add to sort of the level of complexity there’s more and more advantages being organ or being offered by businesses throughout the world so once again you’re simply wanting to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely 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 job there are teams feeding details 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 always require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply 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 a period that you know that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense point of view from an effect perspective on employees it is absolutely important 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 have to be done right it has the biggest detrimental result on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is an excellent first step um supplying an end-to-end payroll option for your employees worldwide again I think is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of businesses and reducing the variety of tools platforms and bank accounts they require 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’ve never ever had a hundred countless 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 complaints where things haven’t gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyhow 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and sort of shot to return to everyone so carrying on appearance why do companies select to main separate checking account there are Process A New Company Papaya Global organizations out there doing precisely this for specific countries and I’ve worked in an organization or many services doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not need to and any person that’s handling that procedure 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 numerous factors one is it’s the standard I believe individuals have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering but eventually people are really stuck with what they’re familiar
with best um modification is a tough thing all of us do not like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping numerous checking account however there’s a big amount of intricacy chooses setting up a checking account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge but I think the truthful answer is modification um individuals have not been able to alter or have not had always the knowledge to truly 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 aspect of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this approach does pose several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Process A New Company Papaya Global