Over the last 5 or 6 years …Papaya Global Pension Settings… functions on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really dreary and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also review a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them ends up being more and more complicated Global companies are seeking to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment viewpoint lots of organizations preserve separate savings account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep different savings account sometimes in various countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies streamline the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 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 standard payroll model there’s typically a frustrating number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or very really basic there’s no real consistency structure we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global businesses have 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 bad HCM information data entry mistakes badly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t need to be included right and what does
it require 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 time frames 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 customer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is absolutely critical but all over 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 take a look at the type 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 fundamental and innovation is permitting us to kind of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of intricacy there’s more and more advantages being organ or being used by services across the world so again you’re just seeking to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine challenging kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an effect perspective on staff members it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging result on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just see when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. Therefore, it is essential to make sure that jobs like Wi-Fi Global and other essential matters are done properly. Using the very first Global Payments very first payroll payment service is a terrific initial step towards supplying an extensive payroll service for workers worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account needed for global payroll are key consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Eventually, we don’t do it for the gratitude.
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 simple as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of 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 actually see what was going on and kind of try to return to everyone so carrying on appearance why do business pick to primary separate checking account there are Papaya Global Pension Settings services out there doing exactly this for particular countries and I have actually worked in an organization or lots of businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not have to and anybody that’s managing 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 amount that we are I believe many factors one is it’s the requirement I think individuals have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs altering but eventually people are really stuck with what they’re familiar
with right um change is a difficult thing we all do not like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving numerous checking account however there’s a big amount of complexity chooses establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial however I believe the truthful response is modification um individuals haven’t had the ability to alter or have not had always 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 knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep track of and this approach does position several challenges um so Johnny could you tell us about those obstacles yeah obviously 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’s like 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 closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Pension Settings