Over the last 5 or 6 years …Cant Access Papaya Global Online… roles on the service provider side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually 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 extremely very gloomy and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a recap which needs to leave his time at the extremely extremely 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 becomes increasingly more complicated International organizations are wanting to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment perspective numerous companies preserve separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to preserve different savings account often in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly policies compliance information security and banking rules then there are the sheer numbers they include more complexity the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s frequently a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very extremely basic there’s no genuine consistency structure we’re residing in a period 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 frequently with pen and paper which 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 state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the needed numerous processes 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 difficulties company face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be consisted of right and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 anywhere you look best eventually developing a knowledge base is definitely important however everywhere 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 kind of link between fintech and payroll it’s closer than ever I think 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 too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 frequently 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so again you’re just looking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense perspective from an impact point of view on workers it is absolutely important 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 biggest damaging 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 type of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise 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 things is definitely important that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll option for your workers worldwide once again I believe is another substantial um process once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how important 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 everybody that’s associated with those procedures and also so envision sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean 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 type of try to get back to everybody so moving on look why do business pick to primary different checking account there are Cant Access Papaya Global Online organizations out there doing precisely this for particular countries and I’ve operated in an organization or lots of businesses doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I think individuals have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing however ultimately individuals are really stuck with what they recognize
with right um change is a challenging thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining numerous checking account but there’s a big quantity of complexity goes with establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is huge but I believe the honest answer is modification um individuals have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually 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 understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I 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 enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Cant Access Papaya Global Online