Over the last 5 or six years …Papaya Global Coronavirus… functions on the service provider side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 very very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise discuss a recap which ought to leave his time at the extremely really 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 International labor forces become a growing number of typical and handling them ends up being a growing number of complicated International organizations are wanting to find Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment standpoint many organizations preserve separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve separate checking account often in different countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or really really basic there’s no genuine consistency framework we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of an image they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they do not 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 information entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed several procedures 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 obstacles company face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 innovation is permitting 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 varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to type of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so again you’re just looking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely 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 in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact viewpoint on employees it is absolutely vital that it’s done properly 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 most significant damaging impact on people’s wellness and many other factors if people aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Worldwide Payments very first payroll payment option is a fantastic preliminary step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account needed for global payroll are essential consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we understand how how important a function 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m just 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 certain we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I mean 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 picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to get back to everybody so moving on look why do companies pick to main separate checking account there are Papaya Global Coronavirus organizations out there doing exactly this for specific countries and I’ve worked in a company or lots of companies doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need to and anybody that’s dealing with that process 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 think lots of factors one is it’s the requirement I believe individuals have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually 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 variety I think this is a procedure that needs looking at it requires altering however ultimately individuals are extremely stuck to what they’re familiar
with right um modification is a tough thing all of us don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining multiple checking account however there’s a big amount of complexity opts for establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is huge but I think the truthful answer is change um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to monitor and this technique does position a number of challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise 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 improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Coronavirus