Over the last five or 6 years …Papaya Global Jobs Birmingham In Dy4 7Qf… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number 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 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 everyone comes 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 raining here it’s really very gloomy and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also go over a recap and that must leave his time at the really very 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 Global workforces end up being a growing number of common and handling them becomes increasingly more intricate Global companies are seeking to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint many companies maintain different bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain separate savings account often in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide 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 worldwide in the conventional payroll model there’s typically a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency framework we’re residing in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of international companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the required numerous 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 obstacles organization face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be consisted of right 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 country there’s payment timespan there’s payment abilities 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 any place you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to contribute to sort of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so again you’re simply wanting to include increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups 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 does not necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost perspective from an effect point of view on workers it is definitely important that it’s done correctly and on time so what we mean 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 damaging effect on people’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. For that reason, it is necessary to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment solution is a fantastic initial step towards providing a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account needed for worldwide payroll are crucial consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we know 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 easy as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that many 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 certainly be an interesting job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so proceeding appearance why do companies select to primary separate checking account there are Papaya Global Jobs Birmingham In Dy4 7Qf organizations out there doing exactly this for particular countries and I’ve worked in a business or numerous companies doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and anybody that’s managing 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 lots of factors one is it’s the requirement I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering however ultimately people are extremely stuck to what they recognize
with right um change is a difficult thing we all do not like change um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining numerous savings account but there’s a substantial quantity of intricacy opts for establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private people so the complexity is huge but I think the truthful answer is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change 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 carrying on and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep track of and this technique does pose numerous difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Jobs Birmingham In Dy4 7Qf