Over the last five or six years …Papaya Global Pensions Employer Reference… functions on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody 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 rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody 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 extremely uninspiring and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise review a wrap-up which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and managing them becomes a growing number of intricate Global organizations are wanting to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment viewpoint numerous companies preserve separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve different savings account sometimes in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the worldwide 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 people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming number of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really standard there’s no real consistency framework we’re residing 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 often with pen and paper which just blows my mind every 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 organizations say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be considered 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 client’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to sort of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by services across the world so once again you’re just looking to add more and more payments to this already complex landscape so if you type 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 genuine tough kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would absolutely state that the larger a service 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 teams feeding information into the next function as it were that’s actually handling the payment side of things however you know 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 need to produce additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from a cost point of view from an impact viewpoint on employees it is definitely important 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 need to be done right it has the biggest harmful effect on people’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has 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 staff members or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments first payroll payment solution is an excellent initial step um providing an end-to-end payroll option for your staff members internationally once again I think is another big um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of organizations and reducing the variety of tools platforms and checking account they need for their Worldwide 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 ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow 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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everybody so moving on look why do business pick to main different bank accounts there are Papaya Global Pensions Employer Reference companies out there doing exactly this for particular countries and I have actually operated in a business or many businesses doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and anyone 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 believe lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require 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 norm the people have adopted 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 kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering however ultimately individuals are really stuck to what they’re familiar
with best um modification is a difficult thing all of us don’t like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving numerous bank accounts but there’s a huge amount of complexity goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is huge however I think the honest response is modification um people haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or two there is a lot to track and this approach does position several obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched 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 Worldwide staff members you should have a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Pensions Employer Reference