Over the last 5 or six years …New Employee Without P45 Papaya Global… roles on the company side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type 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 originates from and I actually do hope it’s much sunnier than it is 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 extremely really gloomy and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also go over a wrap-up and that ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them becomes a growing number of complex Global companies are wanting to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint lots of organizations maintain separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate bank accounts in some cases in various nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs 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 hard in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they add further intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 around the globe in the traditional payroll model there’s typically a frustrating number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very extremely standard there’s no real consistency structure 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 typically with pen and paper which simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they count on the needed multiple 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 business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and technology is enabling us to type of move on with that it also also to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere 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 add to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by services across the world so once again you’re just seeking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses 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 service 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 info 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 doesn’t always need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost point of view from an impact point of view on staff members it is absolutely crucial that it’s done correctly 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 detrimental impact on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been impressed entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong 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 things is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent primary step um offering an end-to-end payroll solution for your staff members worldwide once again I think is another big um process once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of companies and lowering the number of tools platforms and savings account 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial a role 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 likewise so think of sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that lots of 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 absolutely be an intriguing job attempting 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 require days of the week to attempt to look through them and actually see what was going on and type of try to get back to everybody so carrying on appearance why do business pick to primary separate savings account there are New Employee Without P45 Papaya Global companies 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 always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not need to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe people have got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard 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 taken a look at things like trust accounts and lots of other methods um to to sort 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 extremely stuck to what they’re familiar
with best um change is a hard thing all of us do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving numerous checking account however there’s a huge amount of intricacy goes with setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big but I think the honest response is modification um individuals have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to keep track of and this method does present several obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I simply did you switched 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 employees you should have a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you New Employee Without P45 Papaya Global