Over the last 5 or six years …Papaya Global 50 Opt Out Referance Number… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather 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 everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them becomes a growing number of complex Worldwide organizations are looking to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment viewpoint lots of organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve different bank accounts sometimes in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult 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 guidelines compliance information security and banking guidelines then there are the large numbers they add additional intricacy the worldwide Workforce is presently 3 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 organizations and growing all doing their own thing all over the world in the traditional payroll design there’s frequently a frustrating number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very fundamental there’s no genuine consistency structure we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on international payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data 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 a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count on the needed multiple procedures 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 difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely vital but all over 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 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 absolutely fundamental and technology is enabling us to sort of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely important that payroll and finance teams work closer together than ever um I’m always impressed when individuals state 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 split the payroll payment from calculation I would say no so why do we as a market 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 data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations across the world so again you’re simply looking to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a company 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 info into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense perspective from an effect viewpoint on employees it is definitely vital 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 biggest destructive effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. For that reason, it is important to guarantee that jobs like Wi-Fi Global and other vital matters are done correctly. Utilizing the first Global Payments first payroll payment option is a terrific initial action towards supplying an extensive payroll solution for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account needed for international payroll are crucial consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyhow we understand how how important a function 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply 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 certain we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and sort of try to get back to everybody so carrying on appearance why do business choose to primary different bank accounts there are Papaya Global 50 Opt Out Referance Number services out there doing exactly this for specific nations and I have actually operated in a business or many companies doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and anyone that’s dealing with that process 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 reasons one is it’s the standard I think people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it needs changing but ultimately people are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like change um so I believe 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 comprehend clearly the advantages of having maintaining numerous checking account however there’s a big amount of complexity goes with setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is substantial but I think the honest answer is modification um people haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but 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 understand what could almost be figured out to be the next Century or so there is a lot to monitor and this approach does posture numerous challenges um so Johnny might you tell us about those challenges yeah obviously 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 are worthy of a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 50 Opt Out Referance Number