Over the last five or six years …Free Papaya Global Trial… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all 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 simply to hear where everybody is um it’s nice to to type of like see where everyone 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 raining here it’s extremely extremely dreary and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also review a recap which ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and managing them ends up being a growing number of complicated International organizations are aiming to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment standpoint many companies maintain separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain different savings account in some cases in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies streamline the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they include more complexity the international Workforce is currently 3 and a half billion people 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 factor in that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming variety of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no genuine consistency framework we’re residing in an age 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 frequently with pen and paper and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in international payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the wrong place the average expense of an international data 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 don’t run smoothly if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be included right and what does
it need to be thought of 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 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 client’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely 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 definitely essential and innovation is permitting us to kind of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the compensation landscape is ending up being progressively complex. Services are continually presenting new advantages and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly sophisticated era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s most significant cost, should be processed properly and on time. Even small hold-ups can adversely affect staff members’ wellness and have far-reaching effects. Therefore, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told 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 workers or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a terrific first step um supplying an end-to-end payroll solution for your employees globally again I believe is another big um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and reducing the variety of tools platforms and checking account they need 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was just gon na state picture the amount 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 keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everybody so proceeding appearance why do companies pick to main different bank accounts there are Free Papaya Global Trial companies out there doing precisely this for particular nations and I’ve worked in a business or numerous organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s dealing with 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 think lots of reasons one is it’s the requirement I think individuals have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering but eventually people are very stuck to what they’re familiar
with best um change is a hard thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining multiple bank accounts however there’s a big amount of complexity goes with setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is substantial however I think the truthful answer is modification um individuals haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve always 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 nearly be figured out to be the next Century approximately there is a lot to keep track of and this approach does position a number of challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Free Papaya Global Trial