Over the last five or 6 years …Papaya Global Contact Number… functions on the service provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise review a recap and that ought to leave his time at the extremely very 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 International labor forces become a growing number of common and managing them becomes a growing number of complex Global companies are looking to discover Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment standpoint numerous companies maintain different savings account just for payroll while some have several accounts in different countries does it make sense for business to preserve different savings account in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating number of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely standard there’s no genuine consistency structure we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I always throw 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 details 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to type of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to kind of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so once again you’re just aiming to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger an organization 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 information into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from an expense viewpoint from an impact viewpoint on staff members it is absolutely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually always been amazed coming into this Market type of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. Therefore, it is important to guarantee that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the first International Payments first payroll payment option is a terrific initial step towards supplying a comprehensive payroll solution for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account needed for international payroll are key consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we know how how essential 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 think of sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous 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 a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and kind of try to return to everybody so proceeding look why do companies choose to main separate checking account there are Papaya Global Contact Number companies out there doing exactly this for particular countries and I’ve worked in an organization or lots of organizations doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and anyone that’s dealing with that process 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 numerous reasons one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes 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 individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs changing but eventually people are very stuck to what they recognize
with right um modification is a tough thing we all don’t like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining several checking account but there’s a substantial quantity of complexity chooses establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is big but I believe the sincere answer is change um people haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to track and this approach does posture several challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range 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 Global workers you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Contact Number