Over the last 5 or 6 years …Papaya Global Number Of Employees… roles on the company side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing 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 comes from and I really do hope it’s much sunnier than it is 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 elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise review a wrap-up and that should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them becomes a growing number of complicated Worldwide organizations are wanting to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint lots of companies maintain different bank account just for payroll while some have several accounts in different nations does it make good sense for business to preserve different bank accounts in some cases in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they include further complexity the international Labor force is presently 3 and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s typically a frustrating variety of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or really really basic there’s no real consistency framework we’re residing in a period of tech but 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 and that just blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce 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 an absence of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t require to be included best and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 consumer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being provided by services across the world so again you’re simply looking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or real tough sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups 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 however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect perspective on workers it is absolutely critical that it’s done correctly and on time so what we indicate 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 effect on people’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a terrific first step um providing an end-to-end payroll solution for your employees internationally once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how important a role 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 simple as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everyone so moving on appearance why do business choose to primary separate checking account there are Papaya Global Number Of Employees services out there doing precisely this for specific nations and I have actually worked in a service or numerous companies doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anybody that’s dealing with 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 amount that we are I believe many reasons one is it’s the standard I believe individuals have got so utilized to we require 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 standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering however ultimately individuals are extremely stuck with what they’re familiar
with right um modification is a hard thing we all don’t like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining multiple bank accounts but there’s a big amount of complexity goes with setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is substantial but I think the honest response is change um individuals have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you switched 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 Worldwide workers you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Number Of Employees