Over the last five or 6 years …In Trash Papaya Global… functions on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating 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 comes from and I actually 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 very very uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also review a wrap-up and that must leave his time at the very very 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 become more and more common and handling them ends up being a growing number of complicated Global companies are aiming to find Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment perspective numerous organizations preserve separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain different bank accounts in some cases in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Labor force is presently 3 and a half billion people 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely extremely fundamental there’s no genuine consistency framework we’re residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just 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 just 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international organizations have actually 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 data information entry errors badly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be consisted of best and what does
it require to be considered 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 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 customer’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being provided by services throughout the world so once again you’re simply aiming to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely state that the bigger a service 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 info into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect viewpoint on employees it is definitely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive impact on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been astonished entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed 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 staff members 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 goes wrong 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 stuff is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a fantastic initial step um supplying an end-to-end payroll option for your workers globally once again I believe is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and reducing the number of tools platforms and checking account they require for their Global 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 had a hundred thousand of 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 haven’t gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway 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 easy as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so proceeding appearance why do business pick to main separate bank accounts there are In Trash Papaya Global companies out there doing exactly this for particular countries and I’ve operated in an organization or lots of organizations doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not need to and anyone 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 numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however eventually individuals are very stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping several bank accounts but there’s a substantial quantity of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is huge however I believe the sincere response is change um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to monitor and this method does pose several difficulties um so Johnny could you inform us about those difficulties yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you In Trash Papaya Global