Over the last five or six years …Papaya Global Funding… roles on the company side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone 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 really really gloomy and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and managing them becomes increasingly more complex Worldwide companies are wanting to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have several accounts in various countries does it make sense for companies to preserve different bank accounts in some cases in various countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies streamline the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses 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 challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they add additional intricacy the international Labor force 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 individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very basic there’s no real consistency framework we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global organizations have actually revealed 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 poor HCM data data entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be included ideal 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 nation 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to sort of progress with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 often 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more essential to contribute to sort of the level of intricacy there’s more and more advantages being organ or being offered by services throughout the world so once again you’re just 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 obstacles or real tough 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 definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an impact point of view on employees it is definitely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on people’s wellness and numerous other elements if people aren’t paid uh I’ve always been astonished entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has actually been informed 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 employees or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll service for your workers globally once again I think is another huge um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of organizations and decreasing the variety of tools platforms and savings account they require for their International 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how important 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 everyone that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly 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 was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of try to get back to everyone so moving on appearance why do companies choose to primary separate bank accounts there are Papaya Global Funding companies out there doing precisely this for specific countries and I’ve operated in a company or many services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and anyone that’s managing 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 amount that we are I think many factors one is it’s the standard I think individuals have got so used to we require a new savings 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 believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs altering however ultimately individuals are really stuck to what they recognize
with ideal um modification is a tough thing all of us don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining multiple savings account however there’s a substantial quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is big however I think the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does present 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 recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Funding