Over the last five or 6 years …Papaya Global Cjrs Module… roles on the provider side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting 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 originates from and I truly do hope it’s much sunnier than it remains 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 extremely very dreary and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also review a wrap-up and that must leave his time at the really extremely 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 International workforces become increasingly more typical and handling them ends up being a growing number of intricate Worldwide companies are wanting to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment standpoint many organizations keep different checking account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain different savings account often in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add further complexity the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 worldwide in the conventional payroll model there’s typically an overwhelming variety of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very very basic there’s no real consistency structure we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the data is shipped to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t require to be included ideal and what does
it require 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 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 intricacy any place you look best eventually building a knowledge base is definitely critical but all over you look with payroll payment they resemble extremely payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting 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 Savings account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split 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 procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by businesses throughout the world so again you’re simply looking to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we run in they simply 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 an era that you know 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 perspective on workers it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful result on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve always been impressed entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is an excellent primary step um providing an end-to-end payroll solution for your workers internationally again I believe is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and savings account they require for their International 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 associated with those processes and likewise so picture sorry I’m simply I was just gon na state envision 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 hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do companies choose to primary different checking account there are Papaya Global Cjrs Module services out there doing precisely this for specific countries and I have actually worked in a business or lots of services doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not have to and anyone 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 quantity that we are I believe lots of factors one is it’s the requirement I think people have got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering but eventually individuals are really stuck to what they recognize
with right um change is a hard thing we all do not like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving several savings account but there’s a huge quantity of complexity goes with setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is big but I think the honest response is change um people have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does present several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range 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 seems like our CFO has gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Cjrs Module