Over the last 5 or six years …Papaya Global Updates Download… functions on the service provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone 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 drizzling here it’s very extremely dreary and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also discuss a wrap-up which must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and handling them ends up being a growing number of complex Global companies are seeking to find Solutions and new methods to simplify procedures especially from a payroll and cross-border payment perspective numerous companies keep different bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain separate savings account in some cases in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies enhance the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably regulations compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 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 around the world in the traditional payroll design there’s often a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very really basic there’s no real consistency structure 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 often with pen and paper and that simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the essential several processes 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 obstacles service face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be included best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to type of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by organizations throughout the world so once again you’re simply wanting to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I mean 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 job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect point of view 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 need to be done right it has the greatest destructive result on people’s well-being and lots of other aspects if people aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your employees internationally once again I believe is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and lowering the variety of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how essential 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing 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 absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to return to everybody so proceeding appearance why do companies choose to primary different savings account there are Papaya Global Updates Download companies out there doing precisely this for particular nations and I have actually operated in a company or lots of companies doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s handling 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 believe lots of factors one is it’s the requirement I think people have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it needs changing but ultimately people are very stuck to what they recognize
with right um modification is a challenging thing all of us do not like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving multiple savings account however there’s a big quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is substantial but I think the sincere answer is modification um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Updates Download