Over the last 5 or six years …Papaya Global Payroll Bank… functions on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates 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 extremely really dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap and that needs 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them becomes more and more complicated Worldwide companies are seeking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective lots of organizations preserve separate checking account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain different checking account sometimes in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most importantly policies compliance information security and banking rules then there are the large numbers they add further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or very very basic there’s no genuine consistency framework we’re residing in a period of tech but payroll has been slow 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 every time 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 Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors badly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good question I always toss this back and say what is it what does not need to be consisted of ideal and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if but some babies 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 definitely essential and innovation is permitting us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 wellness being increasingly more essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations throughout the world so again you’re just wanting to include increasingly 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’m sure however have you got any experience in kind of real challenges or real difficult sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly state that the bigger a company 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 information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any service has from an expense point of view from an impact point of view on employees it is absolutely vital that it’s done properly and on time so what we imply 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 impact on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just observe when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. For that reason, it is important to ensure that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the very first International Payments very first payroll payment option is a great initial action towards offering an extensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and bank accounts essential for global payroll are key factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture 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 really see what was going on and sort of shot to get back to everyone so proceeding look why do companies pick to main different bank accounts there are Papaya Global Payroll Bank companies out there doing precisely this for particular nations and I’ve operated in a business or numerous businesses doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and anyone 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 amount that we are I think numerous factors one is it’s the requirement I think people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute 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 variety I believe this is a process that requires taking a look at it needs altering however eventually people are very stuck with what they recognize
with best um change is a difficult thing we all don’t like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping numerous checking account but there’s a huge amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is huge but I think the truthful response is modification um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep track of and this technique does pose several challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Payroll Bank