Over the last five or six years …Papaya Global V28.06… roles on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also discuss a recap and that 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 moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of typical and handling them becomes a growing number of intricate International companies are aiming to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective numerous companies keep different bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve different savings account in some cases in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most importantly policies compliance data security and banking rules then there are the large numbers they include further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very basic there’s no real consistency structure we’re living in an era 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 often with pen and paper which 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 only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on international payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes poorly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be included best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so once again you’re simply wanting to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a company 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 teams feeding details into the next function as it were that’s in fact handling 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 know long gone are the times where we require to produce extra handoffs at the same times that we run in they just 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 an era that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost perspective from an impact perspective on staff members it is absolutely vital 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 most significant harmful impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been impressed entering into this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally too. Therefore, it is essential to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Using the first Global Payments very first payroll payment option is a fantastic preliminary action towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and bank accounts necessary for worldwide payroll are crucial consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as planned. Eventually, we don’t do it for the appreciation.
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 involved in those processes and also so think of sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of try to return to everybody so proceeding look why do business pick to main different bank accounts there are Papaya Global V28.06 services out there doing precisely this for particular nations and I have actually worked in an organization or lots of companies doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and anyone that’s handling 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 believe numerous reasons one is it’s the requirement I believe people have actually got so utilized to we require a brand-new bank 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 just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a process that needs looking at it requires changing however eventually people are very stuck with what they’re familiar
with right um modification is a challenging thing we all do not like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving numerous bank accounts but there’s a substantial amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big however I believe the honest answer is change um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe 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 genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to track and this approach does position numerous obstacles um so Johnny could 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 Global employees you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global V28.06