Over the last five or 6 years …Certified Papaya Global Training… roles on the supplier side and likewise 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 everybody all right thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really 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 very extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also discuss a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar suggests 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 managing them becomes more and more intricate Worldwide companies are seeking to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment perspective numerous companies maintain different checking account just for payroll while some have multiple accounts in different countries does it make sense for business to keep different bank accounts sometimes in various countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business improve the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there’s often a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very very standard there’s no genuine consistency structure we’re residing in an age 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 and that just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of an image they see a lack of presence also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential multiple processes 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 difficulties service face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be consisted of best and what does
it require 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 time frames 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 customer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely basic and technology is allowing us to kind of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the payment landscape is ending up being increasingly detailed. Organizations are continually introducing brand-new benefits and payment alternatives, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s highly innovative era, there’s no justification for maintaining troublesome treatments. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even small delays can adversely affect workers’ well-being and have significant effects. For that reason, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is an excellent first step um supplying an end-to-end payroll option for your staff members worldwide once again I think is another huge um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and reducing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to get back to everyone so moving on look why do business pick to primary separate checking account there are Certified Papaya Global Training organizations out there doing exactly this for particular countries and I have actually operated in a service or lots of companies doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however eventually individuals are extremely stuck to what they’re familiar
with best um modification is a challenging thing all of us do not like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving several checking account however there’s a huge amount of complexity opts for setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big however I think the honest response is modification um people haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep track of and this approach does position a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you changed our Enterprise 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 workers you are worthy of a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Certified Papaya Global Training