Over the last 5 or six years …Papaya Global Support Structure… functions on the company side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 really really gloomy and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise go over a recap and that should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them becomes increasingly more complex Global companies are seeking to find Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment viewpoint many organizations maintain separate checking account just for payroll while some have several accounts in various countries does it make sense for companies to preserve different checking account often in various nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business enhance the episode complex procedures of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international 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 people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s often an overwhelming variety of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely very standard there’s no real consistency framework we’re residing in an era of tech but payroll has actually 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 simply blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the essential several processes 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 a good concern I always toss this back and say what is it what doesn’t need to be included right 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 amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but also 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 complexity there’s more and more benefits being organ or being used by organizations across the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you sort 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 genuine obstacles or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would definitely say that the bigger a business 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 actually managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an effect perspective on workers it is absolutely crucial that it’s done correctly and on time so what we indicate 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 destructive result on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been astonished entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi International and other important matters are done properly. Using the first International Payments very first payroll payment service is a terrific initial step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and checking account required for global payroll are key consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know how how essential a function 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 picture sorry I’m simply I was just gon na say picture the quantity 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 numerous thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do business choose to primary separate checking account there are Papaya Global Support Structure services out there doing precisely this for particular countries and I’ve worked in a business or numerous organizations 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 don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but ultimately people are extremely stuck with what they’re familiar
with best um change is a difficult thing all of us don’t like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining several checking account however there’s a substantial quantity of complexity opts for setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I think the truthful answer is change um individuals haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or so there is a lot to track and this approach does position numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Support Structure