Over the last five or six years …Papaya Global Import Pension Updates… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody 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 drizzling here it’s very really bleak and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a recap which must leave his time at the extremely 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 labor forces become a growing number of common and handling them ends up being increasingly more complex Global organizations are looking to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment viewpoint many organizations maintain separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain separate savings account often in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a company invests in international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international businesses have 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 information information entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the required several processes systems and partners it is just 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 staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be consisted of ideal and what does
it need to be considered there’s differing 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 capabilities so can you pay it from International or do you have 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 right ultimately developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely important that payroll and financing groups work closer together than ever um I’m constantly astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by companies throughout the world so again you’re simply seeking to include a growing number of payments to this already complex landscape so if you sort 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 uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you understand 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 require to create additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact point of view on staff members it is absolutely crucial that it’s done properly and on time so what we imply 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 harmful effect on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only notice when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. For that reason, it is essential to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first International Payments very first payroll payment solution is an excellent initial step towards offering an extensive payroll option for workers worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account necessary for worldwide payroll are crucial consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyhow we understand how how crucial 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 easy as possible for everybody that’s involved in those processes and likewise so picture sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of try to return to everybody so moving on appearance why do companies choose to primary separate checking account there are Papaya Global Import Pension Updates organizations out there doing exactly this for specific nations and I have actually worked in a business or many services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not need 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 amount that we are I think lots of factors one is it’s the requirement I think individuals have actually got so utilized to we require a new checking 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 just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it requires changing however ultimately individuals are really stuck with what they recognize
with best um change is a difficult thing all of us do not like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping multiple savings account however there’s a big amount of complexity opts for establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is big but I believe the truthful response is change um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched 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 International workers you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Import Pension Updates