Over the last 5 or 6 years …Glassdoor Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right 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 nowadays 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 kind of like see where everybody comes from and I actually 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 bleak and I wish I was somewhere else 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 obstacle years of handling Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them becomes more and more intricate International companies are wanting to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment perspective lots of companies preserve different bank account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain separate bank accounts sometimes in different countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most significantly policies compliance data security and banking rules then there are the large numbers they include additional intricacy the worldwide Workforce is presently 3 and a half billion people 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really very standard there’s no real consistency structure we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on global payroll the less of an image they see a lack of presence also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the essential 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 difficulties business face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought about 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 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely critical however 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 look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling 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 Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say I’ve 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 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 frequently 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 anywhere they are however 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 kind of the level of intricacy there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re simply looking to add increasingly more payments to this currently 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 difficulties or real challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect point of view on staff members it is absolutely important 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 most significant detrimental effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only see when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment option is an excellent preliminary action towards providing a detailed payroll solution for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account required for worldwide payroll are essential consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyway we know 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 everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however 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 was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of try to get back to everyone so moving on appearance why do business select to primary different savings account there are Glassdoor Papaya Global organizations out there doing exactly this for specific nations and I’ve operated in an organization or lots of services doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it requires changing however ultimately people are extremely stuck with what they’re familiar
with best um change is a tough thing all of us don’t like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several checking account but there’s a huge amount of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is substantial but I believe the sincere answer is modification um people haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does position several difficulties um so Johnny might you tell us about those challenges 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 manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Glassdoor Papaya Global