Over the last 5 or 6 years …Papaya Global Payment Methods… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays 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 kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them ends up being a growing number of complicated Worldwide companies are looking to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment standpoint lots of organizations maintain different checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different checking account sometimes in various nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they add additional complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s frequently a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no genuine consistency framework we’re living in an age 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 just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they depend on the essential several 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 difficulties organization face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what doesn’t need 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 have to pay from the client’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if but 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 absolutely fundamental and innovation is allowing us to type of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing groups work closer together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 often 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by organizations throughout the world so once again you’re simply aiming to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine challenges or real tough kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate 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 age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from an expense viewpoint from an effect perspective on employees it is absolutely crucial that it’s done properly and on time so what we indicate 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 detrimental result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply 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 stuff is done properly so leveraging the very first International Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll service for your workers internationally again I think is another substantial um process once again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of services and minimizing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 complaints where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we know how how essential a function 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 everyone that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na say picture the quantity 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 envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting 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 require days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so moving on look why do companies choose to primary separate checking account there are Papaya Global Payment Methods companies out there doing precisely this for particular countries and I have actually worked in a company or many organizations doing exactly that I can state it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and any person that’s handling 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 factors one is it’s the standard I think individuals have actually got so utilized to we require a new checking account we open an entity and rightly 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 simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing however ultimately individuals are very stuck with what they’re familiar
with right um change is a tough thing we all do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving numerous savings account however there’s a huge amount of intricacy opts for setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is huge but I think the truthful answer is change um people haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to track and this approach does posture a number of obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Payment Methods