Over the last 5 or 6 years …Papaya Global End Of Year 2020… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite 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 originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very bleak and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise go over a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and managing them ends up being increasingly more complex International organizations are looking to discover Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment perspective numerous companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain separate checking account often in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses 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 challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include more complexity the international Labor force is presently 3 and a half billion people by 2030 it’s estimated 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 services and growing all doing their own thing worldwide in the conventional payroll design there’s often an overwhelming number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or really really standard there’s no real consistency structure we’re residing in an age of tech however payroll has 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 just 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 only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies 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 information information entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the essential 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 challenges company face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t require to be included best 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 nation there’s payment time frames 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 consumer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if however some infants 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 acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of progress with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always surprised when people state 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 profession 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 frequently 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the payment landscape is ending up being significantly intricate. Organizations are constantly presenting new advantages and payment options, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s technologically advanced era, there’s no validation for preserving cumbersome procedures. Payroll, the company’s greatest expense, need to be processed correctly and on time. Even slight hold-ups can negatively affect workers’ wellness and have far-reaching effects. For that reason, it’s vital to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your workers internationally once again I believe is another big um process again aligning and ensuring you have standardization International procedures all of those things are definitely crucial to success success of services and decreasing the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I do not believe 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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I suggest 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 up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so moving on appearance why do companies choose to primary separate checking account there are Papaya Global End Of Year 2020 companies out there doing exactly this for specific countries and I have actually operated in a service or numerous services doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and any person that’s dealing with 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 amount that we are I believe numerous reasons one is it’s the standard I believe people have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing however ultimately people are extremely stuck to what they’re familiar
with best um change is a hard thing we all don’t like modification um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining numerous savings account but there’s a big amount of intricacy opts for setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is substantial but I believe the sincere answer is modification um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this method does position numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global End Of Year 2020