Over the last 5 or six years …Papaya Global Pan Card… roles on the company side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 raining here it’s very extremely dreary and I wish 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 taking a look at the difficulty years of managing Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also go over a recap which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more typical and handling them ends up being increasingly more intricate International organizations are looking to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment perspective many organizations preserve different bank account just for payroll while some have multiple accounts in various nations does it make sense for business to keep different savings account sometimes in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business improve the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s frequently a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really very fundamental there’s no genuine consistency framework we’re residing in an age 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 which simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in global payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they rely on the essential several 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 company face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not need to be included right 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble extremely 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 basic and innovation is enabling us to sort of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process 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 reside in and wellness being increasingly more essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by businesses throughout the world so once again you’re just aiming to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real tough kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect perspective on workers it is absolutely vital that it’s done correctly 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 biggest harmful effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve constantly been surprised entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll correctly 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 ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe 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 absolutely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your staff members worldwide again I believe is another substantial um procedure once again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and checking account they require for their Global 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how crucial a function 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and sort of shot to return to everybody so proceeding look why do companies select to primary separate checking account there are Papaya Global Pan Card services out there doing precisely this for particular countries and I have actually operated in a company or numerous companies doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and anybody 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 people have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it needs changing however ultimately individuals are very stuck to what they’re familiar
with right um modification is a tough thing we all do not like change um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping numerous bank accounts however there’s a big quantity of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge but I think the sincere response is change um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does position numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Pan Card