Over the last five or 6 years …Papaya Global Furloughed Employee… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 extremely really gloomy and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and handling them ends up being a growing number of complex Worldwide companies are aiming to find Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment standpoint numerous organizations keep separate bank account just for payroll while some have several accounts in various countries does it make sense for business to maintain different savings account in some cases in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Labor force is presently three and a half billion people 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely very standard there’s no real consistency framework we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on global payroll the less of an image they see an absence of presence also reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the data is shipped 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 money around the globe payroll and payments do not run efficiently if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it need 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 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 need to pay from the client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 innovation is enabling us to type 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 differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is becoming increasingly detailed. Companies are continually presenting new benefits and payment alternatives, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my opinion, this does not need to be the case. In today’s technologically advanced period, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant cost, must be processed correctly and on time. Even small hold-ups can negatively affect staff members’ wellness and have far-reaching effects. For that reason, it’s important to focus on precise and timely payments.
payroll group get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply 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 vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll service for your employees worldwide again I think is another big um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of companies and lowering the number of tools platforms and bank accounts they require 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow 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 easy as possible for everybody that’s involved in those processes and also so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies select to main different checking account there are Papaya Global Furloughed Employee organizations out there doing precisely this for particular countries and I have actually operated in a business or lots of businesses doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think people have got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but ultimately individuals are very stuck to what they’re familiar
with best um change is a hard thing all of us don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining multiple bank accounts however there’s a substantial amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial but I think the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this approach does pose several difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Furloughed Employee