Over the last 5 or 6 years …Papaya Global Employee Draw Deductions… roles on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind 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 type of like see where everyone originates from and I actually 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 very extremely bleak and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a wrap-up which should 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 Global workforces become more and more typical and handling them becomes a growing number of complex Global organizations are aiming to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment viewpoint numerous organizations preserve different savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve separate bank accounts sometimes in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most importantly regulations compliance data security and banking rules then there are the large numbers they add more intricacy 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 additional 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 design there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or really very standard 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 which simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide organizations have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the essential 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 obstacles service face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely basic and technology is permitting us to sort of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation 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 frequently 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 also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by companies across the world so once again you’re just wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or real difficult kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an effect viewpoint on staff members it is absolutely crucial that it’s done correctly and on time so what we suggest 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 harmful result on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been surprised entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. For that reason, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the very first International Payments first payroll payment option is a fantastic preliminary action towards supplying a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account necessary for global payroll are crucial factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we know how how essential 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 everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task 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 attempt to look through them and really see what was going on and sort of shot to return to everybody so proceeding look why do companies select to primary different checking account there are Papaya Global Employee Draw Deductions services out there doing precisely this for particular countries and I have actually operated in a business or numerous services doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and any person 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 many reasons one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering but eventually people are extremely stuck with what they recognize
with right um modification is a hard thing we all do not like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining multiple checking account but there’s a huge amount of complexity chooses setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is huge however I believe the honest answer is change um individuals have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or two there is a lot to monitor and this technique does pose several difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I simply did you switched our Business 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 deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Employee Draw Deductions