Over the last 5 or six years …Apprentice Ni Rate Code Papaya Global… roles on the provider side and likewise on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of 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 rather fascinating and I can see it going on already just 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 definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over 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 recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes a growing number of complex Worldwide companies are seeking to find Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment standpoint numerous companies keep separate checking account just for payroll while some have multiple accounts in various nations does it make sense for business to keep separate bank accounts sometimes in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most notably policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating variety of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely very basic there’s no real consistency framework we’re living 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 frequently with pen and paper and that just blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on global payroll the less of a picture they see a lack of presence 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 global companies 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 bad HCM information information entry errors improperly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the necessary 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 making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be consisted of ideal 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 country 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 consumer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to sort of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always surprised when people state I have actually 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 split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by services across the world so once again you’re simply wanting to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or real tough sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we mean 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 damaging result on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been impressed entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent primary step um offering an end-to-end payroll solution for your workers worldwide again I think is another huge um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of companies and reducing the variety of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand 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 associated with those procedures and likewise so think of sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision 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 absolutely be an interesting task trying to clean up all those up for sure oh definitely I can’t think of 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 sort of try to return to everyone so moving on look why do business choose to primary different savings account there are Apprentice Ni Rate Code Papaya Global services out there doing precisely this for particular nations and I’ve operated in an organization or many companies doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and anybody 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 quantity that we are I think lots of factors one is it’s the requirement I think individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it requires altering but ultimately individuals are very stuck to what they recognize
with ideal um modification is a tough thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping numerous savings account but there’s a substantial amount of complexity goes with setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big however I think the truthful answer is modification um individuals have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse 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 approximately there is a lot to keep track of and this method does posture several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Apprentice Ni Rate Code Papaya Global