Over the last 5 or six years …Papaya Global Contact Email Address… roles on the company side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone 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 currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up which ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them ends up being a growing number of complex Global organizations are seeking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective lots of organizations maintain separate savings account just for payroll while some have several accounts in various nations does it make good sense for business to maintain separate checking account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies enhance the episode complex processes of
making payroll payments accurately efficiently firmly 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 accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they add more intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 around the world in the standard payroll design there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely fundamental there’s no genuine consistency framework we’re residing in a period of tech however payroll has 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 simply blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global services have actually revealed that they do not have the level of standardization they require in their procedures 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 along with absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the required several processes systems and partners it is just 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 paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be included right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 basic and innovation is allowing us to type of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to add to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses across the world so again you’re just looking to include a growing number of payments to this currently complicated landscape so if you kind 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 genuine challenges or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information 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 does not always require to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period 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 most significant liability that any company has from a cost perspective from an effect perspective on staff members 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 detrimental result on people’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. Therefore, it is essential to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment service is an excellent initial step towards offering a thorough payroll option for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and bank accounts needed for international payroll are essential factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Ultimately, we do not do it for the appreciation.
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 simple as possible for everybody that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision 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 however it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and type of try to return to everybody so carrying on look why do companies select to primary separate checking account there are Papaya Global Contact Email Address businesses out there doing exactly this for particular nations and I’ve worked in an organization or many companies doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and any person that’s handling 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 many factors one is it’s the standard I believe people have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm 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 lots of other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it needs altering but ultimately people are really stuck with what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining multiple bank accounts but there’s a big quantity of complexity opts for setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is big but I believe the sincere response is change um people haven’t been able to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to monitor and this technique does posture a number of obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Contact Email Address