Over the last five or 6 years …Papaya Global Solutions Login… functions on the provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up which should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and handling them ends up being more and more intricate Worldwide companies are seeking to discover Solutions and new methods to improve processes particularly from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep separate bank accounts sometimes in different countries it does but just for payroll exists 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 processes of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the international Workforce is presently three and a half billion individuals 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 factor in 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 an overwhelming number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really standard there’s no genuine consistency framework we’re living in an age 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 just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of international companies have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of 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 capabilities 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 ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is enabling us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people say I’ve split 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 estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to type of the level of complexity there’s more and more benefits being organ or being used by businesses across the world so once again you’re just wanting to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually 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 understand long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from a cost point of view from an impact perspective on workers it is absolutely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout 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 individuals only notice when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment service is a fantastic preliminary step towards supplying a detailed payroll option for employees worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts required for worldwide payroll are essential factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyway we understand how how important 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 procedures and likewise so imagine sorry I’m simply I was simply gon na state picture 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 discussing numerous thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing 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 was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of try to get back to everybody so moving on look why do business select to primary separate savings account there are Papaya Global Solutions Login businesses out there doing exactly this for particular countries and I’ve operated in an organization or lots of businesses doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new savings 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 believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately individuals are very stuck with what they’re familiar
with right um change is a tough thing all of us don’t like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining multiple bank accounts however there’s a substantial amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is big but I believe the sincere response is modification um individuals haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to track and this method does position a number of difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Business 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 Global workers you are worthy of a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Solutions Login