Over the last five or 6 years …Papaya Global Not Updating… functions on the service provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly 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 want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll likewise discuss a recap and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and handling them becomes increasingly more intricate Global companies are looking to find Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment standpoint many organizations maintain different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve different savings account in some cases in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Workforce is currently 3 and a half billion individuals 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s frequently an overwhelming number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency structure we’re living in an era of tech however 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 just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the incorrect location the average 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 around the globe payroll and payments do not run efficiently if they count on the essential several procedures 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 difficulties service face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if but some infants 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 absolutely essential and technology is permitting us to sort of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re just aiming to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine tough type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information 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 require to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost perspective from an effect point of view on employees it is absolutely critical 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 have to be done right it has the biggest destructive effect on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been astonished entering this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll service for your staff members internationally once again I think is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and lowering the number of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh absolutely 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 check out them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do business select to main different checking account there are Papaya Global Not Updating businesses out there doing exactly this for particular nations and I have actually worked in a service or many services doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and anybody that’s dealing with 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 factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you need 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 norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it requires altering but eventually people are extremely stuck with what they’re familiar
with right um modification is a hard thing we all don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping numerous checking account however there’s a substantial quantity of complexity goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the truthful response is change um people haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to track and this approach does posture several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just 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 workers you should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Not Updating