Over the last 5 or six years …Papaya Global Forum… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone 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 is 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 really dreary and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise discuss 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 recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes more and more complex Worldwide organizations are seeking to find Solutions and new ways to enhance processes especially from a payroll and cross-border payment standpoint many organizations maintain separate bank account just for payroll while some have several accounts in various nations does it make good sense for business to preserve separate checking account often in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses 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 tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 all over the world in the conventional payroll design there’s frequently an overwhelming number of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very very standard there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and after that when you round it all 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 as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed multiple procedures 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 challenges organization face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t need to be consisted of right 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 country there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so once again you’re simply seeking to add more and more payments to this currently intricate landscape so if you type 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 obstacles or genuine challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense perspective from an effect viewpoint on workers it is absolutely critical that it’s done correctly and on time so what we imply 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 harmful impact on people’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only notice when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is vital to make sure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the very first Global Payments very first payroll payment option is a fantastic preliminary action towards offering a detailed payroll service for workers worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and savings account required for global payroll are essential factors in achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyhow 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 procedures and also so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of try to return to everybody so proceeding look why do companies choose to primary separate savings account there are Papaya Global Forum companies out there doing precisely this for specific countries and I have actually worked in a company or numerous businesses doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced 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 ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering however eventually individuals are really stuck to what they recognize
with ideal um change is a hard thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping multiple checking account however there’s a big amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is huge but I believe the truthful answer is change um people have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to track and this method does posture numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Enterprise 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 staff members you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Forum