Over the last five or 6 years …Papaya Global Courses Northern Ireland… roles on the provider side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely dreary and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up which should leave his time at the really really 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 a growing number of typical and managing them becomes increasingly more complex International companies are wanting to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment perspective many organizations keep separate checking account just for payroll while some have several accounts in different nations does it make good sense for companies to preserve separate savings account in some cases in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most notably policies compliance data security and banking guidelines then there are the sheer numbers they include more complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or very really fundamental there’s no real consistency framework we’re residing in an era of tech but 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 each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in international payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide organizations have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the necessary numerous 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 challenges company face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and innovation is permitting us to type of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by companies throughout the world so again you’re simply aiming to include a growing number of payments to this already intricate landscape so if you sort 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 type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams 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 however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an age 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 concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost point of view from an impact viewpoint on workers it is definitely 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 detrimental result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll option for your workers globally again I think is another substantial um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of organizations and minimizing the number of tools platforms and bank accounts 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 ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems 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 understand how how essential 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 everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of 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 in fact see what was going on and kind of try to get back to everybody so carrying on look why do companies choose to main different bank accounts there are Papaya Global Courses Northern Ireland services out there doing precisely this for specific countries and I have actually worked in an organization or lots of businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anybody 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 quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing however eventually individuals are really stuck with what they’re familiar
with best um modification is a tough thing we all don’t like change um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping numerous savings account however there’s a big quantity of intricacy goes with establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is substantial but I believe the honest response is modification um people haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to monitor and this method does pose several difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Courses Northern Ireland