Over the last 5 or six years …Papaya Global Retirement Age… functions on the company side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of 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 intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 extremely really uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a wrap-up which needs to leave his time at the extremely very 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 Global labor forces end up being more and more typical and handling them ends up being more and more intricate Worldwide organizations are looking to discover Solutions and new methods to improve processes particularly from a payroll and cross-border payment viewpoint numerous companies keep different bank account just for payroll while some have multiple accounts in different countries does it make sense for business to preserve separate savings account sometimes in various countries 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 helping international companies improve the episode complex procedures of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance information security and banking rules then there are the large numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s frequently an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely basic there’s no real consistency framework we’re living 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 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 only 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility likewise 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 worldwide organizations have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 intricacy wherever you look right eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being offered by companies across the world so again you’re just looking to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely 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 task there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an impact point of view 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 need to be done right it has the most significant destructive effect on people’s wellness and many other elements if people aren’t paid uh I’ve constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll group might 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 staff members or not. Payroll is an important cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. For that reason, it is necessary to ensure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is a terrific initial step towards providing a comprehensive payroll solution for staff members worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and savings account required for global payroll are key factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyway we know how how essential a function 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 everybody that’s involved in those processes and also so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain 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 the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine 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 in fact see what was going on and type of try to return to everybody so moving on look why do companies pick to primary different savings account there are Papaya Global Retirement Age businesses out there doing exactly this for particular nations and I’ve worked in a company or many companies doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think individuals have got so utilized to we require a brand-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 the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I think this is a process that requires looking at it requires altering but ultimately individuals are extremely stuck with what they recognize
with ideal um change is a challenging thing we all don’t like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining multiple savings account however there’s a big quantity of complexity opts for establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is big but I think the truthful response is change um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or two there is a lot to track and this method does position several challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Retirement Age