Over the last 5 or six years …Purchase Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 extremely very gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling International 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 streamlining papaya Global payroll payments as a tactical property uh we’ll also go over a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and managing them becomes a growing number of intricate Global organizations are wanting to discover Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment viewpoint numerous companies preserve separate bank account just for payroll while some have several accounts in different countries does it make sense for business to preserve different checking account often in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 services and growing all doing their own thing around the globe in the traditional payroll design there’s often an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency framework we’re living in an age of tech but payroll has actually 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 whenever 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 state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what does not need to be consisted of right and what does
it need to be thought about 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 intricacy anywhere you look right eventually developing a knowledge base is definitely crucial but all over 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 look at the kind 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 enabling us to sort of progress with that it likewise as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m always surprised when people say I have actually split 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 an industry accept that why our payroll and payments so frequently 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by services throughout the world so once again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine challenging kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they need 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 difficult as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost point of view from an effect viewpoint on workers it is definitely crucial that it’s done correctly 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 harmful impact on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been astonished coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll service for your employees worldwide once again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate 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 suggested 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 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 easy as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to get back to everyone so carrying on appearance why do business select to primary different bank accounts there are Purchase Papaya Global businesses out there doing exactly this for specific countries and I have actually operated in a business or lots of organizations doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s managing 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 quantity that we are I believe lots of factors one is it’s the requirement I think individuals have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering however eventually people are really stuck with what they’re familiar
with ideal um change is a difficult thing we all do not like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping numerous checking account but there’s a huge amount of complexity chooses establishing a checking 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 intricacy is big but I think the sincere answer is modification um individuals haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages 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 track and this approach does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Purchase Papaya Global