Over the last 5 or 6 years …Papaya Global Helpline Telephone Number… roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually 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 very extremely dreary and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also review a wrap-up and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and managing them ends up being more and more complex Global companies are looking to find Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve separate checking account in some cases in various countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly 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 tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 conventional payroll model there’s often a frustrating number of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very really fundamental there’s no real consistency framework we’re residing in a period 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 typically with pen and paper which just blows my mind each time I I believe
about it to provide 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 offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view 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 a great concern I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m always 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 occupation would they split 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 process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by companies across the world so again you’re simply looking to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing 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 require to create extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost perspective from an effect perspective on staff members it is absolutely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental impact on people’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe 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 things is definitely vital that all of this things is done properly so leveraging the very first Global Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll option for your staff members internationally again I believe is another substantial um process once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and lowering the variety 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not 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 important a function 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 likewise so imagine sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everybody so proceeding look why do business choose to main separate checking account there are Papaya Global Helpline Telephone Number businesses out there doing exactly this for particular countries and I have actually worked in an organization or many organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for any person where we do not need to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think individuals have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing however eventually individuals are extremely stuck with what they recognize
with right um change is a difficult thing all of us do not like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping multiple checking account however there’s a substantial amount of intricacy goes with establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is big however I believe the truthful response is change um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or two there is a lot to monitor and this approach does posture a number of obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just 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 International employees you should have a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Helpline Telephone Number