Over the last five or six years …Small Employers Relief Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also review a wrap-up and that should leave his time at the really very 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 labor forces become increasingly more typical and managing them ends up being increasingly more complicated International companies are wanting to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment viewpoint many companies preserve different savings account just for payroll while some have multiple accounts in various nations does it make sense for business to keep separate bank accounts in some cases in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Labor force is presently 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 currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely standard there’s no genuine consistency framework we’re living in a period 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 believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not require to be included right 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 timespan 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 client’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market 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 information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to contribute to type of the level of complexity there’s increasingly more advantages being organ or being provided by services across the world so once again you’re simply seeking to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or real challenging type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely state 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 in fact managing the payment side of things however you understand 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 timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect point of view on staff members it is absolutely important 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 need to be done right it has the most significant detrimental result on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been impressed entering this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi International and other important matters are done properly. Using the very first Global Payments very first payroll payment solution is a fantastic preliminary action towards providing a detailed payroll solution for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account required for global payroll are key factors in attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we understand 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 everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of shot to return to everyone so carrying on appearance why do business choose to primary separate checking account there are Small Employers Relief Papaya Global businesses out there doing exactly this for specific nations and I’ve worked in an organization or many organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s dealing with 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 think many factors one is it’s the standard I think people have got so utilized 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 the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but eventually people are extremely stuck to what they recognize
with ideal um change is a tough thing we all do not like modification um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining several checking account but there’s a huge amount of complexity opts for setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is huge however I think the sincere answer is modification um people have not been able to change or have not had always the understanding to truly 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 knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to track and this approach does present numerous obstacles um so Johnny might you tell us about those obstacles 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Small Employers Relief Papaya Global