Over the last five or six years …Papaya Global Bangalore Salary… functions on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise go over a wrap-up and that should leave his time at the really really 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 labor forces become a growing number of typical and managing them becomes more and more complex International companies are looking to discover Solutions and new ways to streamline processes particularly from a payroll and cross-border payment perspective lots of companies maintain different savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain different bank accounts sometimes in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise 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 stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly policies compliance data security and banking rules then there are the large numbers they include more complexity the global 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 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 around the globe in the conventional payroll model there’s typically a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely really standard there’s no genuine consistency structure we’re residing in an era 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 simply blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in international payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide services 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 because of time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the information is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be consisted of right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to kind of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being used by organizations throughout the world so again you’re simply aiming to add more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or real difficult kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an impact viewpoint on staff members it is definitely crucial 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 need to be done right it has the greatest detrimental result on people’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been impressed entering into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed 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 all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your staff members worldwide once again I believe is another huge um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and decreasing the variety of tools platforms and savings account they require for their International 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’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway 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 processes and also so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about 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 absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to return to everyone so moving on look why do companies select to main different checking account there are Papaya Global Bangalore Salary companies out there doing precisely this for specific countries and I have actually worked in an organization or numerous businesses doing exactly that I can state it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anybody that’s handling that process 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 believe lots of reasons one is it’s the standard I believe individuals have got so utilized to we require a new checking account we open an entity and appropriately so you need 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 standard individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing but ultimately people are very stuck to what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving several checking account but there’s a substantial amount of intricacy opts for setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial however I think the sincere response is change um people have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does position several challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Bangalore Salary