Over the last 5 or six years …Customized Cultures Cannot Be Passed By Lcid Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much 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 all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually 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 really very gloomy and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll also review a wrap-up and that ought to leave his time at the really extremely 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 Worldwide workforces end up being more and more common and managing them becomes more and more intricate Global companies are wanting to discover Solutions and new methods to simplify processes specifically from a payroll and cross-border payment standpoint many organizations preserve different savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to maintain separate savings account in some cases in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 around the world in the traditional payroll model there’s often a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or really very standard there’s no real consistency framework we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average cost of a worldwide 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 depend on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what does not require to be included best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing 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 Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by companies across the world so again you’re simply looking to include a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine challenging sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would certainly 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 job there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just 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 a period that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost viewpoint from an impact point of view on workers it is absolutely critical 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 need to be done right it has the greatest damaging result on individuals’s well-being and many other elements if people aren’t paid uh I have actually always been astonished coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have 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 workers or not. Payroll is a crucial cycle, and people just notice when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. For that reason, it is vital to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Using the very first International Payments first payroll payment solution is an excellent preliminary step towards providing an extensive payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account needed for worldwide payroll are essential factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow we know how how important a role 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 everyone that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and type of try to return to everyone so moving on appearance why do companies select to primary separate bank accounts there are Customized Cultures Cannot Be Passed By Lcid Papaya Global companies out there doing precisely this for particular countries and I’ve worked in a service or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anybody that’s managing 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 quantity that we are I believe many reasons one is it’s the standard I think individuals have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires changing but ultimately people are very stuck to what they’re familiar
with best um modification is a tough thing all of us do not like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining numerous checking account however there’s a huge quantity of intricacy goes with establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge but I believe the sincere response is change um people have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to monitor and this approach does posture a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I simply did you switched our Business 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 employees you are worthy of a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Customized Cultures Cannot Be Passed By Lcid Papaya Global