Over the last five or six years …Papaya Global Payroll Countries… roles on the supplier side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among 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 currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I want I was somewhere else at this moment in time all right so let’s get started 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
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up which needs to leave his time at the very 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 International labor forces become a growing number of common and handling them becomes a growing number of intricate International organizations are seeking to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment perspective lots of companies maintain different savings account just for payroll while some have several accounts in different countries does it make good sense for companies to keep different savings account often in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they include more complexity the international Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s frequently an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really extremely fundamental there’s no real consistency structure we’re residing in an era of tech however 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 and that simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global businesses 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 due to time reporting poor HCM data data entry errors improperly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect location the typical expense of a global information 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 do not run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of 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 nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m always astonished when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 process it’s the point of information 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 live in and well-being being a growing number of essential to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being used by services across the world so once again you’re just aiming to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or real difficult sort of pay utilizes to play to pay individuals I think yeah I imply 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 functions 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 opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from an expense viewpoint from an impact point of view on workers it is absolutely 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 need to be done right it has the biggest damaging impact on individuals’s wellness and many other elements if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only observe when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first Worldwide Payments first payroll payment service is a terrific preliminary step towards providing a thorough payroll option for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account needed for international payroll are key factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the gratitude.
anyhow we understand 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision 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 however it would absolutely be an interesting job trying to clean all those up for sure oh definitely 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 check out them and actually see what was going on and type of shot to get back to everybody so carrying on look why do business choose to main separate checking account there are Papaya Global Payroll Countries services out there doing precisely this for particular countries and I’ve worked in an organization or many services doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I think individuals have actually got so used to we need a 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 just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering however ultimately people are extremely stuck to what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping numerous checking account however there’s a huge amount of intricacy goes with establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big but I think the truthful answer is modification um individuals have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however 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 nearly be figured out to be the next Century or two there is a lot to track and this approach does pose a number of obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I simply did you switched 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 International workers you deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Countries