Over the last 5 or 6 years …Papaya Global Lebanon… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s raining here it’s really really uninspiring and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll also go over a wrap-up which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and handling them ends up being more and more complex Worldwide companies are seeking to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint numerous companies keep different checking account just for payroll while some have several accounts in different countries does it make good sense for business to keep different bank accounts sometimes in various nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business improve the episode complex procedures of
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 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 a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or really very basic there’s no genuine consistency structure we’re living in a period of tech however payroll has 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 think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not require to be included right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 intricacy any place you look right eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to sort of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely important that payroll and finance groups work closer together than ever um I’m constantly impressed 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 profession would they divide the payroll payment from calculation 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 ultimately 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 likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to add to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations across the world so again you’re simply aiming to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or real difficult type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates 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 however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period 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 difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect viewpoint on workers it is absolutely critical that it’s done properly 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 destructive result on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just discover when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Global Payments very first payroll payment solution is a great preliminary step towards providing a detailed payroll solution for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account required for global payroll are key factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Ultimately, we do not do it for the thankfulness.
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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na state think of the quantity 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 hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting 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 try to look through them and actually see what was going on and sort of try to return to everyone so carrying on appearance why do companies choose to main separate checking account there are Papaya Global Lebanon organizations out there doing precisely this for specific countries and I’ve operated in an organization or lots of services doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional 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 quantity that we are I believe lots of reasons one is it’s the standard I believe people have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however eventually people are very stuck with what they recognize
with best um change is a hard thing all of us do not like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving several savings account but there’s a big amount of complexity opts for setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge but I believe the sincere response is change um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to keep track of and this approach does posture numerous difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply did you changed our Enterprise 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 International employees you deserve a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Lebanon