Over the last five or 6 years …Papaya Global Advanced Courses… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 originates 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 drizzling here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them becomes more and more complicated International organizations are wanting to discover Solutions and new methods to streamline processes especially from a payroll and cross-border payment viewpoint lots of organizations preserve different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve different checking account in some cases in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they add more intricacy the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or very really fundamental there’s no genuine consistency framework we’re residing in a period of tech but 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 and that just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international organizations have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average cost 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 money worldwide payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be consisted of best 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 nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move forward with that it also too to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data 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 increasingly more crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so once again you’re simply wanting to add more and more payments to this already complex landscape so if you kind 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 genuine obstacles or real difficult sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense viewpoint from an impact point of view 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 have to be done right it has the most significant detrimental impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort 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 but eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout 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 stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a fantastic primary step um providing an end-to-end payroll service for your workers worldwide once again I believe is another huge um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances 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
anyhow we understand how how crucial 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 simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating 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 held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do business select to primary different savings account there are Papaya Global Advanced Courses organizations out there doing precisely this for specific countries and I have actually worked in a business or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we do not need 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 numerous factors one is it’s the requirement I think people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people 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 lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it needs changing but eventually individuals are very stuck to what they’re familiar
with ideal um change is a tough thing all of us do not like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping multiple checking account but there’s a huge quantity of complexity goes with establishing a savings account preserving 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 substantial but I believe the honest response is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep track of and this method does pose numerous difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise 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 International staff members you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Advanced Courses