Over the last five or six years …Papaya Global Webinar… functions on the service provider side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days 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 everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 very very dreary and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise discuss a wrap-up 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 officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them becomes more and more intricate Global companies are looking to discover Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment perspective many organizations keep separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different checking account often in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they add additional 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 worldwide in the conventional payroll design there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really really fundamental there’s no genuine consistency framework we’re residing in an age 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 and that simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 complexity anywhere you look ideal eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like very payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to kind of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to type of the level of complexity there’s more and more advantages being organ or being offered by services across the world so once again you’re just looking to add a growing number of payments to this already complicated landscape so if you type 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 real tough sort of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes 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 age 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 agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect viewpoint on workers it is absolutely 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 biggest harmful effect on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been impressed coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody 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 staff members or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply 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 definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a terrific first step um offering an end-to-end payroll option for your workers internationally again I think is another huge um process again aligning and ensuring you have standardization International procedures all of those things are definitely crucial to success success of services and lowering the number of tools platforms and checking account they require for their Global 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely 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 try to browse them and actually see what was going on and kind of shot to return to everyone so moving on look why do business select to main separate checking account there are Papaya Global Webinar businesses out there doing exactly this for specific countries and I’ve operated in a service or numerous services doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it requires changing however eventually people are extremely stuck to what they recognize
with ideal um modification is a difficult thing we all do not like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving multiple savings account however there’s a huge amount of intricacy chooses setting up a checking account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is substantial but I think the sincere answer is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range 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 International workers you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Webinar