Over the last five or 6 years …Papaya Global Solutions Customer Service… functions on the company side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes 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 raining here it’s extremely really dreary and I want I was somewhere else at this moment in time okay so let’s begin 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
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a recap and that needs to leave his time at the extremely 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 Worldwide workforces become more and more common and handling them becomes increasingly more complex Worldwide companies are looking to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment perspective many organizations keep different bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve different checking account often in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business simplify the episode complex processes of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they include more intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 around the globe in the traditional payroll design there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very extremely standard there’s no genuine consistency framework we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the average cost of a worldwide data 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 several 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 obstacles organization face when they’re paying to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it require 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 customer’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 fundamental and innovation is allowing us to type of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people 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 crucial to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by services across the world so again you’re just looking to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or real tough sort of pay uses 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 business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups 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 opinion and my experience that doesn’t necessarily require 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 prompt they make them less efficient and they do not make them what they need to be in in an era 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 difficult as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from an expense viewpoint from an effect viewpoint on workers it is absolutely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been astonished entering this Market kind 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 kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us find out 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 exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um providing an end-to-end payroll solution for your staff members globally once again I think is another substantial um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and minimizing the variety of tools platforms and savings account they require for their International 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not think any of us are actually 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m just I was just 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 possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting 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 require days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies pick to main different savings account there are Papaya Global Solutions Customer Service services out there doing exactly this for specific nations and I have actually operated in an organization or lots of businesses doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t have to and any person that’s dealing with 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 amount that we are I think lots of factors one is it’s the standard I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering however ultimately people are extremely stuck with what they’re familiar
with best um change is a challenging thing we all do not like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining numerous checking account however there’s a huge quantity of complexity goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is big but I believe the honest response is change um people have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to track and this approach does posture a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Solutions Customer Service