Over the last five or six years …Papaya Global Payroll Ios App… roles on the provider side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 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 raining here it’s really really bleak and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll likewise go over a wrap-up which must leave his time at the really extremely 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 International labor forces end up being more and more common and handling them ends up being increasingly more intricate Worldwide companies are aiming to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective numerous organizations maintain separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep separate savings account sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include further complexity the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 globe in the standard payroll design there’s typically a frustrating variety of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there’s no real consistency structure we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be considered there’s varying 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to sort of the level of complexity there’s more and more advantages being organ or being offered by organizations across the world so again you’re just wanting to include a growing number of payments to this already complex landscape so if you sort 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 obstacles or real difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost point of view from an impact viewpoint on staff members it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful result on people’s wellness and lots of other factors if people aren’t paid uh I have actually always been impressed coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a fantastic initial step um offering an end-to-end payroll service for your employees worldwide again I believe is another huge um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 think of sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up 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 try to check out them and actually see what was going on and kind of try to return to everyone so moving on appearance why do companies select to primary different checking account there are Papaya Global Payroll Ios App services out there doing precisely this for specific nations and I have actually operated in a company or many businesses doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new bank account we open an entity and rightly 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 standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it needs changing but ultimately people are very stuck to what they’re familiar
with best um modification is a challenging thing we all don’t like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining several bank accounts however there’s a huge amount of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is huge but I believe the truthful response is modification um individuals have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to track and this method does position several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Enterprise 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 staff members you deserve a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Ios App