Over the last five or 6 years …Papaya Global Average Number Of Employees Report… functions on the supplier side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 very very gloomy and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a recap and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring 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 more and more complex Global organizations are seeking to find Solutions and new methods to enhance procedures especially from a payroll and cross-border payment viewpoint numerous organizations keep separate bank account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve different checking account sometimes in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very fundamental there’s no real consistency structure 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 simply blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see an absence of presence also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be included right and what does
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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 nation there’s payment amount of time 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 any place you look right ultimately constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 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 likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by companies across the world so again you’re simply aiming to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates 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 handling the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost point of view from an impact viewpoint on workers it is definitely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been impressed entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout 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 service is a fantastic first step um supplying an end-to-end payroll solution for your staff members globally once again I believe is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of companies and lowering the variety of tools platforms and checking account they need for their Global payroll too couldn’t 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how essential 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 everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely 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 require days of the week to attempt to browse them and really see what was going on and kind of try to return to everybody so proceeding appearance why do companies choose to main separate checking account there are Papaya Global Average Number Of Employees Report organizations out there doing precisely this for particular countries and I have actually operated in a company or many companies doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it requires altering however ultimately individuals are very stuck to what they recognize
with ideal um change is a difficult thing we all don’t like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping numerous checking account however there’s a huge quantity of complexity chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is big however I believe the sincere answer is change um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or two there is a lot to track and this method does posture a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I simply 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 International staff members you deserve a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Average Number Of Employees Report