Over the last 5 or 6 years …Papaya Global 50 Linking Periods Of Sickness… roles on the service provider side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple 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 already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 dreary and I wish 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 difficulty years of managing Worldwide payroll why companies keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a recap and that should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and managing them ends up being more and more complex Worldwide organizations are seeking to discover Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment viewpoint numerous companies preserve separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to keep separate savings account often in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most notably policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s frequently a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or very extremely basic there’s no genuine consistency framework we’re residing in an age of tech but payroll has actually been sluggish 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 whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good question I always toss this back and say what is it what doesn’t need 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 country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble very 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing groups work closer together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re simply 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 certain however have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from an expense perspective from an effect perspective on workers it is definitely crucial that it’s done correctly and on time so what we mean 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 damaging result on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been surprised entering this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only discover when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. For that reason, it is important to guarantee that tasks like Wi-Fi International and other important matters are done properly. Using the first Global Payments very first payroll payment solution is an excellent preliminary step towards offering a thorough payroll service for employees worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and savings account necessary for global payroll are essential factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how important 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 easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely 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 attempt to check out them and really see what was going on and sort of try to return to everyone so proceeding look why do companies select to primary separate bank accounts there are Papaya Global 50 Linking Periods Of Sickness organizations out there doing exactly this for particular countries and I’ve operated in a service or numerous organizations doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I think people have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs altering but eventually people are extremely stuck to what they’re familiar
with best um modification is a hard thing all of us do not like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping multiple savings account however there’s a big amount of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is huge however I believe the honest response is modification um individuals have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep track of and this approach does present numerous challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply 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 deserve a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 50 Linking Periods Of Sickness