Over the last 5 or six years …Papaya Global Payroll Not Working… functions on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also review a wrap-up which must leave his time at the really very 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 workforces end up being more and more typical and handling them becomes increasingly more complicated Worldwide companies are looking to find Solutions and brand-new methods to streamline procedures particularly from a payroll and cross-border payment standpoint many organizations keep separate savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to keep separate checking account often in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies enhance the episode complex processes 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 business properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most notably policies compliance data security and banking rules then there are the large numbers they include more complexity the international Workforce is presently three 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 consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating number of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or very very fundamental there’s no genuine consistency structure 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 every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global companies have actually 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 bad HCM data data entry errors improperly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re simply looking to include a growing number of payments to this currently complicated landscape so if you sort 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 real obstacles or genuine difficult sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require 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 tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an effect point of view on staff members it is absolutely critical 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 most significant detrimental effect on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been impressed entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us find out 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific initial step um providing an end-to-end payroll solution for your staff members globally again I believe is another big um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how important a role it is and that’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 involved in those processes and likewise so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting 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 attempt to look through them and really see what was going on and kind of try to return to everybody so proceeding appearance why do business pick to main different savings account there are Papaya Global Payroll Not Working businesses out there doing exactly this for specific countries and I have actually operated in an organization or numerous organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not have to and anyone that’s dealing with that process 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 many factors one is it’s the requirement I believe individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions 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 the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering but eventually individuals are very stuck to what they recognize
with best um modification is a hard thing we all do not like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping several checking account however there’s a huge amount of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is big but I believe the truthful response is change um individuals haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to track and this approach does pose numerous challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
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