Over the last five or six years …Papaya Fresh International Marketplace Reviews… roles on the provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll likewise go over a recap which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them ends up being more and more complex Global companies are aiming to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment viewpoint numerous companies keep different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve different savings account in some cases in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex processes of
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include further intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll design there’s frequently an overwhelming number of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no genuine consistency structure we’re residing 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 often with pen and paper and that just blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be included best and what does
it require 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 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 consumer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely essential and technology is permitting us to type of move forward with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work better together than ever um I’m always surprised when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so once again you’re just looking 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 huge experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine challenging type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely say that the larger an organization 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 info into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you understand 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 said payroll is the single most significant liability that any business has from an expense perspective from an impact point of view 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 greatest harmful effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been surprised entering 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 during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. For that reason, it is important to guarantee that jobs like Wi-Fi International and other vital matters are done properly. Using the first Worldwide Payments first payroll payment service is an excellent preliminary step towards offering a thorough payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account necessary for worldwide payroll are key factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we understand 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of try to return to everybody so proceeding look why do business pick to primary separate checking account there are Papaya Fresh International Marketplace Reviews services out there doing precisely this for specific countries and I have actually operated in an organization or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we don’t need to and any person 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 think individuals have actually got so used to we require a new checking account we open an entity and rightly so you need 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 standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing however ultimately people are extremely stuck with what they recognize
with best um modification is a hard thing we all don’t like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining multiple savings account but there’s a huge amount of intricacy goes with setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is substantial but I think the honest response is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or two there is a lot to track and this technique does pose numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Fresh International Marketplace Reviews