Over the last five or 6 years …Papaya Global Set Up Benefits Payroll… functions on the provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days 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 everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 very bleak 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 taking a look at the obstacle years of managing Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also review a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and handling them becomes a growing number of complicated Global companies are looking to discover Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment viewpoint numerous organizations keep different bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep separate savings account often in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments properly 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 properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating variety of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very extremely fundamental there’s no genuine consistency framework we’re residing in an era 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 often with pen and paper which just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to sort of the level of complexity there’s increasingly more advantages being organ or being used by services across the world so again you’re simply looking to include increasingly more payments to this currently intricate 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 real obstacles or real challenging sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would definitely say that the larger an organization 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not 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 why we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any service has from an expense perspective from an effect point of view on workers it is definitely crucial 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 biggest destructive effect on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually always 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 not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just 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 essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic initial step um offering an end-to-end payroll service for your workers globally once again I think is another huge um process once again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how essential a function 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 easy as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to get back to everyone so proceeding look why do business pick to primary different savings account there are Papaya Global Set Up Benefits Payroll organizations out there doing exactly this for specific countries and I have actually operated in a service or lots of services doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering but eventually individuals are extremely stuck with what they’re familiar
with best um modification is a hard thing we all don’t like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple bank accounts but there’s a big amount of intricacy chooses establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is huge however I think the sincere response is modification um people have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this technique does pose numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Set Up Benefits Payroll