Over the last five or six years …Papaya Global Version Update… roles on the company side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating 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 everybody 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 drizzling here it’s extremely very bleak and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and managing them ends up being a growing number of complicated International companies are seeking to discover Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment viewpoint lots of companies maintain different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep different savings account in some cases in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very extremely standard there’s no genuine consistency structure we’re residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the required several processes 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 making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely vital but all over 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 take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses across the world so once again you’re just looking to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily 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 operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense perspective from an effect viewpoint on workers it is absolutely crucial that it’s done correctly 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 destructive impact on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been surprised entering into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the very first International Payments very first payroll payment option is a fantastic initial step towards providing an extensive payroll solution for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and checking account essential for international payroll are essential consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we know 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 easy as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of shot to return to everybody so carrying on look why do business select to main different bank accounts there are Papaya Global Version Update companies out there doing exactly this for specific nations and I have actually worked in an organization or many companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s handling 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 amount that we are I think numerous reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you require 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 requirement and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it needs altering however eventually individuals are really stuck with what they’re familiar
with best um change is a hard thing all of us do not like change 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 things um I understand certainly the advantages of having maintaining numerous bank accounts but there’s a big quantity of intricacy opts for establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is substantial but I believe the sincere answer is change um individuals have not had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this technique does position several difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you changed our Enterprise 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 should have a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Version Update