Over the last 5 or six years …Arhamaju Papaya Global… roles on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 drizzling here it’s really very dreary and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and managing them ends up being a growing number of complicated Worldwide companies are aiming to discover Solutions and new ways to simplify processes specifically from a payroll and cross-border payment standpoint lots of companies maintain separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep separate savings account in some cases in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance data security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very extremely fundamental there’s no real consistency structure we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of international services have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the wrong place the average cost 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 money worldwide payroll and payments do not run efficiently if they rely on the needed multiple processes 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 obstacles company face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be consisted of best and what does
it need 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 absolutely basic and technology is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by services across the world so again you’re simply wanting to add a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or genuine tough kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would definitely say that the larger a service 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 really handling the payment side of things however 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 develop additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from a cost point of view from an effect perspective on employees it is definitely crucial 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 biggest detrimental result on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually always been surprised coming into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 definitely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a fantastic initial step um providing an end-to-end payroll service for your staff members internationally again I believe is another huge um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and reducing the variety of tools platforms and checking account they need for their Global 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 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 quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 likewise so envision sorry I’m simply I was simply gon na say picture the quantity 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 imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everybody so moving on look why do business choose to main separate bank accounts there are Arhamaju Papaya Global organizations out there doing exactly this for particular nations and I have actually worked in an organization or many companies doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think individuals have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs altering but eventually individuals are really stuck with what they recognize
with best um modification is a tough thing all of us do not like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping multiple savings account but there’s a substantial quantity of complexity opts for establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is big but I believe the sincere answer is modification um people have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or so there is a lot to monitor and this method does posture a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Arhamaju Papaya Global