Over the last five or 6 years …Papaya Global Processing Software For Accountants… roles on the company side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 very very bleak and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also review a recap and that needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and handling them becomes a growing number of intricate International organizations are aiming to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment standpoint lots of companies preserve different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve separate bank accounts sometimes in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance data security and banking rules then there are the large numbers they include further intricacy the global Labor force is presently 3 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 currently 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 model there’s typically a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or really really standard there’s no real consistency framework we’re living 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 typically with pen and paper which 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 just 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international companies have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the essential multiple processes 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 difficulties service face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what does not need to be consisted of right and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like extremely payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to kind of move on with that it likewise too to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to sort of the level of intricacy there’s more and more benefits being organ or being used by companies across the world so again you’re simply aiming to add more and more payments to this currently intricate 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 real challenges or real difficult kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would certainly state that the larger 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 in fact handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense point of view from an effect viewpoint on workers it is definitely critical 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 biggest detrimental effect on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been amazed entering this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. For that reason, it is necessary to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the first International Payments first payroll payment option is a fantastic initial step towards offering a detailed payroll service for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and bank accounts required for worldwide payroll are essential factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyhow we understand 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 picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies choose to primary different savings account there are Papaya Global Processing Software For Accountants services out there doing exactly this for specific countries and I’ve operated in a service or many organizations doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and anyone 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 quantity that we are I think many reasons one is it’s the requirement I believe people have got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually 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 variety I believe this is a process that needs taking a look at it needs altering however ultimately individuals are extremely stuck with what they recognize
with ideal um change is a challenging thing all of us do not like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving several savings account however there’s a huge amount of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is substantial however I believe the truthful response is change um people have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny could you tell us about those difficulties yeah naturally 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 Global staff members you should have a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Processing Software For Accountants