Over the last 5 or six years …Papaya Global Year End Procedures… roles on the supplier side and also on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss 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 execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them becomes increasingly more intricate International companies are looking to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective numerous companies preserve different savings account just for payroll while some have several accounts in various countries does it make good sense for business to keep separate bank accounts often in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business enhance the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated 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 organizations and growing all doing their own thing worldwide in the traditional payroll design there’s typically an overwhelming number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or really extremely fundamental there’s no real consistency framework we’re residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the necessary several processes systems and partners it is simply 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 staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 client’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if however some babies 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to sort of progress with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and financing teams work better together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by companies across the world so again you’re simply wanting to add more and more payments to this already complicated 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 real difficulties or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a business 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 teams feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need 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 timely they make them less efficient and they don’t make them what they need 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 requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact perspective on staff members 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 biggest destructive effect on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been impressed coming into this Market kind of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. For that reason, it is vital to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the very first International Payments first payroll payment option is a fantastic initial step towards offering a thorough payroll service for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and savings account essential for global payroll are crucial factors in achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyway we know how how important 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 everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job trying 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 actually see what was going on and type of shot to get back to everybody so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Year End Procedures services out there doing precisely this for particular nations and I’ve worked in a service or lots of services doing exactly that I can state it does not always feel efficient and it does produce more work I understand 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 managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors 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 functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm 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 lots of other methods um to to kind of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering but ultimately individuals are extremely stuck to what they’re familiar
with best um modification is a challenging thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving several checking account however there’s a substantial amount of complexity chooses establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is huge but I think the truthful response is modification um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change 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 carrying on and moving into you know what could almost be identified to be the next Century approximately there is a lot to track and this technique does present a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously 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 Worldwide staff members you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Year End Procedures