Over the last five or 6 years …Papaya Global Service… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so 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 already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 raining here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that ought to 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 International labor forces end up being more and more typical and handling them becomes increasingly more complex Global companies are looking to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment viewpoint lots of companies keep separate bank account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different savings 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 also known as virtual wallets play in assisting multinational business improve the episode complex processes of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they include more intricacy the global Labor force is currently 3 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 presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often an overwhelming variety of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really very fundamental there’s no real consistency framework we’re residing in an age 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 whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they depend on the required numerous 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 obstacles company face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s varying Bank information 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 customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to sort of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m always surprised when people state I have actually divided 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 computation I would say no so why do we as a market 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 information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to sort of the level of complexity there’s more and more advantages being organ or being offered by businesses across the world so once again you’re simply wanting to include more and more 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 sure however have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly 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 job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an effect perspective on employees it is absolutely important that it’s done correctly 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 greatest damaging result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody 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 but eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails 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 also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic primary step um providing an end-to-end payroll service for your staff members worldwide again I believe is another substantial um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations 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 had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 associated with those processes and also so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking 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 how many Post-it notes you got however it would certainly be an intriguing task trying to clean 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 attempt to look through them and actually see what was going on and sort of try to get back to everybody so carrying on look why do business pick to primary different savings account there are Papaya Global Service organizations out there doing exactly this for specific countries and I’ve worked in a service or many companies doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anyone that’s managing 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 believe numerous factors one is it’s the requirement I think individuals have got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing but ultimately people are really stuck with what they’re familiar
with ideal 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 standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving several bank accounts but there’s a huge amount of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge however I believe the honest answer is change um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to track and this technique does posture several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Service