Over the last five or 6 years …Papaya Global Postponement… functions on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates 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 raining here it’s extremely extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a recap which must leave his time at the very extremely 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 Worldwide workforces end up being more and more typical and handling them becomes more and more complicated Global companies are seeking to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective many companies keep different checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep different checking account in some cases in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 world in the traditional payroll design there’s often a frustrating number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really really fundamental there’s no real consistency structure we’re residing in a period of tech but 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 which simply blows my mind every time I I believe
about it to give you a concept 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 sleepless nights and rather honestly the more a company spends on worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be consisted of right and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to type of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by organizations throughout the world so once again you’re just looking to include a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we run in they simply 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 age that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an impact perspective on staff members it is absolutely vital that it’s done properly 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 greatest detrimental impact on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually always been impressed coming into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll option for your workers globally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of services and lowering the number of tools platforms and savings account they need for their Global 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 don’t anticipate to you do get the odd five or 10 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 do not believe any of us are really doing that for for the thanks
anyhow we understand how how important a role 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 everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so moving on look why do business select to main different bank accounts there are Papaya Global Postponement services out there doing exactly this for specific countries and I have actually worked in a business or lots of services doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating extra work for any person where we do not have to and anybody that’s dealing with that procedure 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 think lots of reasons 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 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 requirement and the standard the people have 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 ways um to to kind of do it so I think there’s a range I believe this is a process that needs looking at it needs changing however ultimately people are extremely stuck to what they’re familiar
with right um change is a difficult thing we all don’t like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving numerous bank accounts but there’s a substantial quantity of complexity goes with establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge but I believe the truthful answer is change um individuals have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep track of and this method does position a number of difficulties um so Johnny might you tell us about those challenges 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 handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced capability, I have actually effectively 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 Postponement