Over the last 5 or six years …Papaya Global Year End Update 2018… functions on the provider side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing 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 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 all right so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise go over a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and handling them ends up being more and more complex Worldwide companies are seeking to discover Solutions and new methods to streamline processes particularly 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 good sense for companies to keep different bank accounts often in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies simplify the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the international 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 Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they add additional complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals 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 conventional payroll design there’s frequently an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no real consistency framework we’re living in an era of tech but payroll has actually been slow 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 every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is definitely vital however 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 sort 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 basic and technology is allowing us to kind of move on with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m always astonished when people 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 divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually 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 likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to add to kind of the level of complexity there’s more and more benefits being organ or being used by businesses across the world so again you’re simply looking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams 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 always need to be the case you know 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 require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from an expense perspective from an effect viewpoint on workers 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 have to be done right it has the most significant detrimental effect on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem 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 very first Global Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll option for your staff members worldwide once again I believe is another substantial um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know 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 simple as possible for everybody that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine 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 however it would definitely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t imagine 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 really see what was going on and kind of shot to get back to everybody so proceeding appearance why do companies select to main different savings account there are Papaya Global Year End Update 2018 organizations out there doing precisely this for specific nations and I’ve worked in an organization or many companies doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and any person that’s dealing with that procedure 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 lots of factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a process that requires taking a look at it requires altering however ultimately individuals are really stuck to what they recognize
with ideal um change is a hard thing all of us don’t like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving numerous savings account but there’s a big amount of intricacy chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is big however I think the sincere response is change um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to track and this approach does posture several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Year End Update 2018