Over the last 5 or six years …Papaya Global V25… functions on the service provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 drizzling here it’s extremely really dreary and I wish I was elsewhere 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 obstacle years of handling International payroll why business preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a recap which ought to leave his time at the very very 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 Worldwide workforces become more and more common and handling them ends up being a growing number of complicated Worldwide companies are aiming to discover Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment standpoint many companies maintain different savings account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain different bank accounts sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies improve the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they add further complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll design there’s frequently an overwhelming variety of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely fundamental there’s no genuine consistency structure we’re living 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 typically with pen and paper and that simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide businesses 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 errors are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business 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 doesn’t need to be consisted of ideal and what does
it need to be thought of there’s differing Bank details 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 abilities 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 intricacy wherever you look best eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely fundamental and technology is permitting us to type of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever 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 increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re just wanting to add more and more payments to this already complicated landscape so if you kind 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 genuine challenges or real tough sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from an expense viewpoint from an effect point of view on workers it is absolutely crucial that it’s done properly 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 detrimental effect on people’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has actually been told 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 employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a terrific initial step um supplying an end-to-end payroll service for your employees worldwide once again I think is another big um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 everyone that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean up 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 need days of the week to try to check out them and in fact see what was going on and sort of shot to get back to everyone so carrying on look why do companies select to primary different savings account there are Papaya Global V25 companies out there doing precisely this for specific nations and I’ve worked in an organization or lots of businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I think people have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes 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 actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of 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 however ultimately people are very stuck to what they’re familiar
with ideal um modification is a tough thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining several savings account but there’s a substantial quantity of complexity opts for setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is substantial but I think the honest answer is change um individuals haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep track of and this technique does position numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you changed our Business 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 International workers you are worthy of a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global V25