Over the last 5 or six years …Papaya Global Fpa… functions on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us 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 kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was somewhere else 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 challenge years of handling International payroll why companies keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also review a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and handling them becomes a growing number of intricate Worldwide companies are aiming to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment viewpoint numerous companies keep different savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep separate savings account in some cases in various countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s typically an overwhelming variety of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency structure we’re living in a period of tech but 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 just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations 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 spends on international payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international services have revealed that they don’t 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 poor HCM data information entry mistakes badly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought of there’s differing Bank details 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is definitely important but all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is allowing us to sort of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you stroll 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of intricacy there’s more and more benefits being organ or being used by organizations across the world so again you’re simply looking to add increasingly more payments to this currently complex landscape so if you type 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 utilizes to play to pay people I think yeah I suggest over the last well yeah a number of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on staff members it is absolutely crucial 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 need to be done right it has the greatest harmful impact on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve always been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic primary step um offering an end-to-end payroll solution for your staff members worldwide once again I believe is another big um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of services and lowering the number of tools platforms and savings account they require for their International payroll too could not 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 ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how important 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up 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 attempt to browse them and in fact see what was going on and sort of shot to get back to everyone so moving on look why do companies select to primary different savings account there are Papaya Global Fpa services out there doing exactly this for particular countries and I’ve operated in an organization or numerous services doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute 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 think there’s a variety I believe this is a procedure that requires looking at it needs altering however ultimately individuals are extremely stuck to what they recognize
with ideal um change is a tough thing all of us don’t like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving multiple bank accounts but there’s a substantial amount of complexity opts for setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is substantial however I think the honest answer is change um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to track and this technique does position numerous obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Fpa