Over the last 5 or 6 years …Entrepreneur Magazine Papaya Global… functions on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days 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 kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll likewise discuss a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them ends up being increasingly more complex International companies are looking to discover Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment perspective lots of companies keep different checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve separate checking account sometimes in various nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the global Workforce is currently three 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 companies and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very very fundamental there’s no genuine consistency framework we’re residing in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international services have 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 data data entry errors inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the required several procedures 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 making payments to employees or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly 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 between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to kind of the level of complexity there’s more and more benefits being organ or being offered by companies across the world so once again you’re just looking to include increasingly more payments to this already complex landscape so if you kind 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 real difficulties or genuine difficult type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely say 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 teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you know that we are working 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 most significant liability that any organization has from a cost perspective from an impact perspective on employees it is definitely crucial 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 most significant harmful result on people’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been amazed coming into this Market type of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just see when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. For that reason, it is necessary to guarantee that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first International Payments very first payroll payment service is a fantastic initial action towards providing a comprehensive payroll option for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts necessary for global payroll are essential consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we know 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everybody so moving on look why do companies select to primary separate savings account there are Entrepreneur Magazine Papaya Global organizations out there doing exactly this for specific countries and I have actually operated in a company or numerous organizations doing precisely 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 creating additional work for anyone where we do not need to and anybody that’s handling 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 quantity that we are I think many reasons one is it’s the requirement I think individuals have got so used to we require a brand-new savings 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 simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs changing but eventually people are really stuck with what they’re familiar
with ideal um change is a hard thing all of us do not like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining numerous checking account but there’s a huge amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful answer is change um people haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck 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 genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep track of and this method does present several difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Entrepreneur Magazine Papaya Global