Over the last five or six years …Https Papaya Global.Egnyte.Com Navigate Folder 39704Aed-2F9D-4F38-845E-a2Edd326Cda3… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating 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 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 very very dreary and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also discuss a recap and that needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them becomes more and more complicated Global companies are aiming to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment standpoint many companies keep different savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to preserve different checking account often in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies improve the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country but when you’re doing it worldwide 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 sheer numbers they include further intricacy the global Workforce is presently three 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 currently 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 world in the conventional payroll design there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or really very standard there’s no real consistency framework we’re living in an age 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 which just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the data is delivered to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they count on the essential 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 company face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be consisted of best and what does
it need 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 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to kind of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to kind of the level of complexity there’s more and more benefits being organ or being offered by companies throughout the world so again you’re simply wanting to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an impact viewpoint on employees it is definitely vital that it’s done properly and on time so what we suggest 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 harmful impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout 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 an essential cycle, and individuals only notice when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Worldwide Payments first payroll payment option is a great initial step towards offering a comprehensive payroll option for workers worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account required for global payroll are crucial factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we understand how how essential 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up 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 need days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everybody so moving on look why do business choose to primary different bank accounts there are Https Papaya Global.Egnyte.Com Navigate Folder 39704Aed-2F9D-4F38-845E-a2Edd326Cda3 services out there doing exactly this for particular countries and I’ve operated in a service or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and anybody that’s dealing with 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 lots of factors one is it’s the requirement I think individuals have got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but ultimately individuals are extremely stuck to what they recognize
with right um change is a hard thing all of us don’t like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving several checking account but there’s a substantial quantity of complexity goes with setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is huge however I believe the honest response is modification um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides 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 a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep track of and this technique does pose a number of difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I just 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 International workers you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Https Papaya Global.Egnyte.Com Navigate Folder 39704Aed-2F9D-4F38-845E-a2Edd326Cda3