Over the last 5 or 6 years …Papaya Global Software For Accountants… functions on the company side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone 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 certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and managing them ends up being increasingly more complex Worldwide organizations are looking to find Solutions and new ways to improve processes particularly from a payroll and cross-border payment viewpoint many organizations preserve different checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain different savings account often in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include more complexity the international Labor force 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 people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very extremely fundamental there’s no genuine consistency framework we’re residing in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global organizations have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought of 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if however some infants 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 absolutely fundamental and technology is enabling us to sort of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly surprised 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 work in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being used by organizations across the world so again you’re simply aiming to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the bigger a company 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 info into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce additional handoffs at the same times 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 era of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost viewpoint from an impact perspective on workers it is absolutely important 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 biggest destructive result on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent 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 hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment service is a fantastic first step um supplying an end-to-end payroll service for your employees globally again I think is another substantial um process again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of organizations and minimizing the number of tools platforms and savings account they require for their International 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 don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 associated with those procedures and likewise so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh definitely 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 browse them and really see what was going on and type of try to get back to everyone so carrying on look why do companies select to primary separate savings account there are Papaya Global Software For Accountants businesses out there doing exactly this for specific countries and I have actually operated in a business or many organizations doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anybody that’s managing 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 quantity that we are I think numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but ultimately individuals are really stuck with what they recognize
with best um modification is a tough thing all of us don’t like modification um so I think it’s just kind of moving away from the standard 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 maintaining numerous bank accounts however there’s a big quantity of complexity goes with establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is huge but I think the honest response is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to track and this technique does position numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally 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 handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Software For Accountants