Over the last 5 or six years …How Do You Run A Leaver In Papaya Global… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly 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 drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also go over a wrap-up and that should leave his time at the extremely 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 International workforces end up being more and more common and managing them ends up being a growing number of complicated Global organizations are wanting to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment standpoint lots of companies keep different checking account just for payroll while some have multiple accounts in various countries does it make sense for business to maintain separate bank accounts sometimes in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most importantly policies compliance information security and banking rules then there are the large numbers they add further complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 around the world in the standard payroll model there’s typically an overwhelming variety of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely very basic there’s no real consistency framework we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international services have actually revealed that they don’t 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 bad HCM data data entry mistakes poorly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great question I always throw this back and state what is it what doesn’t require to be consisted of best and what does
it need to be considered there’s differing 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and technology is allowing us to type of move on with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so again you’re just looking to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or genuine tough sort 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 larger a service 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 teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an effect viewpoint on employees it is definitely critical that it’s done correctly and on time so what we suggest 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 destructive impact on people’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been surprised entering this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment service is a fantastic preliminary step towards providing a thorough payroll service for staff members worldwide. Standardization, international processes, and lowering the number of tools, platforms, and bank accounts needed for worldwide payroll are crucial factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we understand how how crucial a role 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 involved in those processes and also so envision sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly 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 look through them and in fact see what was going on and type of try to get back to everyone so moving on look why do companies select to primary separate bank accounts there are How Do You Run A Leaver In Papaya Global businesses out there doing precisely this for specific nations and I have actually worked in a company or many businesses doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and any person 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 amount that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past 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 needs looking at it needs altering but eventually people are really stuck to what they’re familiar
with ideal um change is a difficult thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining several savings account but there’s a big quantity of complexity chooses establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is huge but I think the sincere response is modification um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or so there is a lot to monitor and this approach does present several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you How Do You Run A Leaver In Papaya Global