Over the last five or 6 years …Papaya Global Holidays To Google Calendar… roles on the provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type 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 everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also review a wrap-up and that ought 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and handling them becomes increasingly more complicated Worldwide organizations are wanting to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment standpoint many organizations preserve separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain separate bank accounts often in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include further complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 around the world in the traditional payroll design there’s typically a frustrating variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or really really standard there’s no real consistency structure we’re living in an age of tech but payroll has been sluggish 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 whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in global payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the needed multiple processes 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 challenges business face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of best and what does
it require 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 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 crucial however all over you look with payroll payment they resemble very 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 think there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to kind of move forward with that it also too to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by companies throughout the world so again you’re just aiming to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would definitely state that the larger a service 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 groups feeding details 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 does not always require to be the case you know 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 require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact perspective on employees it is definitely crucial 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 biggest harmful impact on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only observe when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally too. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Worldwide Payments first payroll payment option is a fantastic initial action towards offering a detailed payroll option for workers worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts necessary for international payroll are key consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how essential 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 everybody that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about 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 certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and kind of try to get back to everyone so carrying on look why do business choose to main separate checking account there are Papaya Global Holidays To Google Calendar companies out there doing exactly this for specific nations and I’ve operated in an organization or lots of companies doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe people have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing but ultimately people are very stuck with what they recognize
with right um change is a difficult thing all of us don’t like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving numerous bank accounts however there’s a substantial amount of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is huge however I believe the honest answer is modification um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or so there is a lot to monitor and this technique does posture a number of difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Holidays To Google Calendar