Over the last 5 or 6 years …Papaya Global Tutorial 2014… roles on the service provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well among 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 quite interesting and I can see it going on already simply to hear where everyone 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very bleak and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also discuss a recap and that ought to leave his time at the very very end for a q a session so as the title of the webinar recommends 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 a growing number of intricate Global organizations are wanting to discover Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep different savings account in some cases in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex processes of
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses 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 difficult in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely extremely fundamental there’s no real consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors badly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend on the needed numerous 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 challenges company face when they’re paying 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 included 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 amount of time there’s payment abilities 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 client’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if however some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to type of move on with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m always impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the compensation landscape is becoming significantly elaborate. Companies are continuously introducing brand-new advantages and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically sophisticated period, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s biggest expense, should be processed properly and on time. Even slight hold-ups can adversely affect workers’ well-being and have significant repercussions. For that reason, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic primary step um supplying an end-to-end payroll option for your staff members globally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of services and reducing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway 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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t envision 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 return to everyone so carrying on appearance why do business pick to main different checking account there are Papaya Global Tutorial 2014 businesses out there doing precisely this for specific countries and I have actually operated in a service or numerous organizations doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for any person where we don’t need to and any person that’s dealing with 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 numerous factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new savings account we open an entity and rightly 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 simply been the standard and the norm the people have actually 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 numerous 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 requires changing however eventually people are really stuck with what they recognize
with right um change is a tough thing we all don’t like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving several savings account but there’s a substantial quantity of intricacy opts for establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge but I believe the sincere response is modification um people haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep track of and this approach does posture several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Tutorial 2014