Over the last 5 or 6 years …Papaya Global Level 2 Course… functions on the company side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us 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 everybody comes from and I really 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 very really gloomy and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business 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 streamlining papaya Global payroll payments as a tactical possession uh we’ll also review a recap which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them ends up being a growing number of complicated Global organizations are wanting to discover Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective numerous organizations maintain separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to keep separate checking account in some cases in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most importantly policies compliance information security and banking rules then there are the large numbers they add more complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll design there’s often an overwhelming number of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or very really fundamental there’s no genuine consistency structure we’re residing in an era 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 and that simply 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 just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in international payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the necessary numerous 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 service face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what does not require to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split 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 data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by organizations across the world so once again you’re just seeking to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or genuine tough type of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect perspective on workers it is definitely important 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 have to be done right it has the biggest destructive result on people’s well-being and many other aspects if people aren’t paid uh I have actually always been surprised entering this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment solution is a terrific preliminary step towards providing a detailed payroll option for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and checking account required for worldwide payroll are essential consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we know how how essential 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 associated with those processes and also so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean 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 need days of the week to try to look through them and actually see what was going on and kind of shot to return to everybody so proceeding look why do companies pick to primary separate checking account there are Papaya Global Level 2 Course organizations out there doing exactly this for particular nations and I have actually worked in an organization or numerous organizations doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving numerous bank accounts but there’s a big quantity of intricacy opts for setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is huge however I think the honest answer is change um individuals haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always 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 figured out to be the next Century or two there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched our Business 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 Worldwide employees you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Level 2 Course