Over the last 5 or 6 years …Papaya Global Sick And Safe… roles on the provider side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind 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 everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also go over a recap which ought to leave his time at the really 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 Worldwide workforces become increasingly more typical and handling them ends up being more and more complicated Worldwide organizations are looking to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment standpoint numerous companies keep separate bank account just for payroll while some have several accounts in various nations does it make sense for business to preserve different bank accounts in some cases in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include further intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s estimated 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 services and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming number of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely really fundamental there’s no real consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be included right and what does
it need to be thought of there’s varying Bank information 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of progress with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 process it’s the point of data 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 a growing number of crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses throughout the world so once again you’re simply aiming to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or real difficult type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger a business 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 actually managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from a cost point of view from an effect point of view on employees it is absolutely vital that it’s done properly 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 most significant detrimental result on people’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only discover when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. For that reason, it is important to ensure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the first International Payments first payroll payment option is an excellent initial action towards providing a detailed payroll service for workers worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and savings account necessary for international payroll are essential factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we understand how how important 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 also so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task 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 attempt to look through them and in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies pick to main separate bank accounts there are Papaya Global Sick And Safe organizations out there doing precisely this for particular countries and I have actually worked in a company or lots of companies doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and any person that’s handling that procedure 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 many factors one is it’s the standard I think people have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but 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 embraced 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 believe there’s a variety I think this is a procedure that needs looking at it requires altering however ultimately individuals are really stuck with what they recognize
with best um modification is a challenging thing we all don’t like modification um so I believe it’s simply 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 undoubtedly the advantages of having keeping numerous savings account but there’s a big quantity of intricacy opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is substantial however I think the sincere response is change um individuals have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this method does present several difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range 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 jobs on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Sick And Safe