Over the last 5 or 6 years …Papaya Global Career… functions on the supplier side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two 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 fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them becomes a growing number of complicated International companies are looking to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint many companies preserve separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for business to maintain different savings account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly guidelines compliance information security and banking guidelines then there are the large numbers they add further complexity the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there’s typically an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very extremely standard there’s no real consistency structure we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide companies 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 information data entry errors poorly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the necessary multiple procedures 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 company face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what does not require to be included right 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 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 need to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing 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 varying Bank Account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however 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 sort of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so again you’re simply looking to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period 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 tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect point of view on staff members it is definitely vital 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 biggest detrimental impact on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been impressed entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. Therefore, it is vital to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a terrific initial action towards offering a detailed payroll solution for workers worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and checking account needed for international payroll are essential factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we understand 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 procedures and also so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly 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 held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to get back to everyone so moving on look why do business pick to primary separate checking account there are Papaya Global Career businesses out there doing precisely this for specific countries and I’ve operated in an organization or numerous services doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have to and any person that’s dealing with that process 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 think lots of factors one is it’s the standard I believe people have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety 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 passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing but ultimately people are very stuck with what they’re familiar
with right um modification is a hard thing all of us don’t like change um so I think it’s simply type 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 certainly the advantages of having keeping multiple savings account however there’s a substantial amount of intricacy chooses establishing a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is big but I believe the truthful answer is modification um people have not had the ability to alter or have not had necessarily the knowledge to really 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 understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep track of and this approach does pose several challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just did you changed our Enterprise 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 International staff members you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Career