Over the last five or 6 years …Papaya Global 2021… roles on the supplier side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two 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 already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very gloomy and I want I was elsewhere 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 companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll likewise review a recap 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and managing them ends up being a growing number of complicated Worldwide companies are seeking to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate bank accounts in some cases in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they add more complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or really really fundamental there’s no real consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international companies have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes poorly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the incorrect place the typical expense 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 cash worldwide payroll and payments don’t run efficiently if they count on the needed several processes 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 difficulties organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be consisted of 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 country there’s payment time frames 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 consumer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and technology is permitting us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 typically 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 people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being provided by companies across the world so once again you’re just wanting to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain 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 suggest over the last well yeah a number of years I would absolutely say that the bigger a company 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 groups feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run 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 age of tech and a period that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from an expense point of view from an impact perspective on employees it is absolutely 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 need to be done right it has the greatest harmful effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply 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 stuff is absolutely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment option is an excellent primary step um offering an end-to-end payroll solution for your staff members internationally once again I believe is another substantial um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and savings account they need for their Worldwide 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really 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 also so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and type of shot to get back to everybody so proceeding appearance why do business choose to primary separate savings account there are Papaya Global 2021 companies out there doing precisely this for particular nations and I’ve operated in an organization or lots of companies doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s dealing with 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 lots of reasons one is it’s the standard I think people have actually got so used to we need a brand-new savings 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 think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it needs altering but eventually individuals are very stuck with what they recognize
with right um modification is a challenging thing we all do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining multiple savings account but there’s a substantial quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is big however I believe the truthful answer is change um individuals haven’t had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does present numerous difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global 2021