Over the last five or six years …Papaya Global Series Scale Partners 45M… roles on the company side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really gloomy and I wish I was elsewhere 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 difficulty years of managing Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a wrap-up which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them becomes a growing number of intricate Worldwide organizations are looking to find Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of organizations preserve separate bank account just for payroll while some have numerous accounts in various nations does it make sense for business to keep different savings account in some cases in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business improve the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s often an overwhelming number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or very very standard there’s no genuine consistency structure we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide companies have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the required several 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 challenges service face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be included ideal and what does
it require 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 timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to type of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals state I have actually 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 computation 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 process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to type of the level of intricacy there’s more and more advantages being organ or being provided by businesses across the world so once again you’re simply aiming to add more and more payments to this already complicated landscape so if you sort 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 genuine tough type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger 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 groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run 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 a period of tech and a period 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 agreed and rightly as you stated payroll is the single most significant liability that any service has from an expense point of view from an impact viewpoint on staff members it is definitely important that it’s done correctly 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 most significant harmful result on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been amazed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just 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 definitely important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent first step um providing an end-to-end payroll option for your staff members internationally once again I believe is another big um process again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and reducing the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
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 involved in those procedures and likewise so think of sorry I’m just I was simply gon na state 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 hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of try to get back to everyone so proceeding appearance why do companies pick to primary different bank accounts there are Papaya Global Series Scale Partners 45M organizations out there doing precisely this for specific countries and I have actually operated in a business or many organizations doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think people have got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually individuals are really stuck with what they recognize
with best um modification is a hard thing all of us do not like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving multiple checking account however there’s a substantial amount of complexity goes with setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is big but I think the sincere answer is modification um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element 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 carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to track and this approach does pose numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise 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 gained another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Series Scale Partners 45M