Over the last five or 6 years …Change Papaya Global Data Path… functions on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join all of us 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 just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually 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 really dreary and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a recap and that should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them ends up being more and more complicated Global companies are aiming to discover Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment perspective lots of companies keep different bank account just for payroll while some have several accounts in various countries does it make sense for companies to preserve different savings account in some cases in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance information security and banking rules then there are the large numbers they add more complexity the international Workforce is currently three and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often an overwhelming variety of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really very standard there’s no real consistency framework 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 each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the typical cost of a global 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 don’t run smoothly if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be consisted of best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 wherever you look ideal eventually building a knowledge base is definitely critical however all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to add to kind of the level of complexity there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re simply seeking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense point of view from an effect perspective on workers it is absolutely vital that it’s done correctly and on time so what we suggest 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 harmful result on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only observe when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first International Payments very first payroll payment option is a fantastic preliminary step towards supplying a detailed payroll option for employees worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts essential for international payroll are key factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know how how important 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 associated with those procedures and also so imagine sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean up 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 actually see what was going on and sort of try to get back to everyone so carrying on appearance why do business select to main different checking account there are Change Papaya Global Data Path organizations out there doing precisely this for particular countries and I’ve operated in a company or many companies doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t need to and any person that’s dealing with that process 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 believe numerous factors one is it’s the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs altering but ultimately individuals are extremely stuck with what they recognize
with best um modification is a challenging thing we all do not like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping several bank accounts however there’s a substantial quantity of complexity chooses setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I believe the truthful answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually 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 might nearly be determined to be the next Century or two there is a lot to monitor and this method does position several obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Business 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 Worldwide workers you should have a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Change Papaya Global Data Path