Over the last 5 or six years …Papaya Global Calender 2017 18… functions on the supplier side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates 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 drizzling here it’s really very dreary and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep different
savings 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 property uh we’ll also discuss a wrap-up and that needs to leave his time at the really extremely 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 workforces end up being more and more common and managing them becomes more and more complicated Global companies are looking to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment perspective lots of companies preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain different checking account in some cases in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies simplify the episode complex procedures of
making payroll payments precisely 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 savings account how companies accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most notably regulations compliance data security and banking rules then there are the large numbers they add additional intricacy 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 further 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 around the globe in the standard payroll model there’s often an overwhelming variety of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really standard there’s no genuine consistency structure we’re residing in a period of tech however payroll has actually 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 simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in global payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when 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 multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely fundamental and technology is allowing us to kind of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split 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 data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the settlement landscape is becoming significantly detailed. Businesses are continually introducing brand-new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my opinion, this does not have to be the case. In today’s highly innovative period, there’s no justification for keeping cumbersome procedures. Payroll, the business’s most significant cost, must be processed correctly and on time. Even small delays can negatively affect workers’ wellness and have significant repercussions. Therefore, it’s critical to prioritize precise and timely payments.
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 absolutely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a terrific primary step um providing an end-to-end payroll solution for your staff members globally once again I think is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and lowering the number of tools platforms and savings account they need for their Global 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’ve never ever 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 grievances where things haven’t gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision 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 everybody so moving on look why do companies choose to main different savings account there are Papaya Global Calender 2017 18 services out there doing exactly this for specific countries and I’ve worked in a business or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I believe people have got so utilized to we require a brand-new bank 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 the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing however eventually individuals are really stuck to what they’re familiar
with ideal um change is a challenging thing all of us do not like change um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining several savings account however there’s a substantial amount of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial but I think the sincere response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or two there is a lot to keep track of and this technique does pose several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I simply did you switched 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 Global workers you should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Calender 2017 18