Over the last 5 or six years …Ny Disability Insurance Papaya Global… functions on the provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone 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 is 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 very bleak and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and managing them becomes more and more complex International companies are seeking to discover Solutions and new ways to simplify procedures especially from a payroll and cross-border payment standpoint numerous companies keep separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep separate checking account often in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they add additional intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really really basic there’s no real consistency structure we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often 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 just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors inadequately communicated hires and terminations in addition to absence management and system setups and then when you round it all 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 once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be included best and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 complexity wherever you look best eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to sort of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m always astonished when individuals state I have actually 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 split the payroll payment from estimation 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 process 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 well-being being more and more crucial to contribute to type of the level of complexity there’s a growing number of advantages being organ or being provided by companies across the world so again you’re simply looking to include 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 make sure however have you got any experience in kind of genuine obstacles or genuine tough type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an impact perspective on staff members it is definitely crucial that it’s done properly and on time so what we imply 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 impact on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll service for your employees internationally again I believe is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of services and decreasing the number of tools platforms and bank accounts 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how crucial a role it is and that’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 picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying 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 need days of the week to try to browse them and actually see what was going on and type of try to return to everyone so carrying on look why do business select to primary separate bank accounts there are Ny Disability Insurance Papaya Global organizations out there doing exactly this for specific nations and I have actually operated in a service or lots of services doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and any person that’s handling 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 standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however 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 embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering but ultimately people are extremely stuck to what they recognize
with best um modification is a difficult thing all of us don’t like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving multiple checking account but there’s a substantial amount of intricacy chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is substantial but I believe the honest response is modification um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep track of and this approach does pose a number of obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Ny Disability Insurance Papaya Global