Over the last 5 or six years …Http Www.Papaya Global.My… roles on the supplier side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us 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 currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes 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 raining here it’s very really gloomy and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll likewise review a recap which should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes increasingly more complex International organizations are looking to discover Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment standpoint many organizations maintain different bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep different bank accounts in some cases in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably policies compliance information security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s typically an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very standard there’s no genuine 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 typically with pen and paper which simply blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international companies have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round everything off and the data is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 definitely fundamental and innovation is permitting us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and financing groups work better together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being used by companies throughout the world so again you’re just looking to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine challenging sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments works 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 but you know 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 need to develop additional handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact viewpoint on workers it is definitely important 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 have to be done right it has the greatest detrimental impact on individuals’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been surprised coming into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the first International Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll solution for your staff members worldwide once again I believe is another huge um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we know 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 associated with those processes and likewise so imagine sorry I’m simply I was simply gon na state picture the quantity 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 numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture 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 in fact 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 Http Www.Papaya Global.My businesses out there doing exactly this for particular countries and I have actually operated in an organization or many companies doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I understand 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 dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think people have got so used to we need a brand-new bank account we open an entity and appropriately 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 the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering but ultimately people are extremely stuck to what they’re familiar
with right um modification is a hard thing all of us don’t like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving several bank accounts but there’s a big amount of complexity opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is huge but I think the honest response is change um people have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to monitor and this technique does present numerous difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Http Www.Papaya Global.My