Over the last five or 6 years …Papaya Global Contact Uk… functions on the supplier side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody originates 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 very really dreary and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also review a recap which must leave his time at the really extremely 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 Global labor forces end up being increasingly more typical and managing them ends up being increasingly more complicated Worldwide companies are looking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment standpoint lots of companies preserve different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain separate bank accounts in some cases in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add 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 additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s often an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very extremely standard there’s no real consistency framework we’re residing in an age of tech but 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 which just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international services have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely basic and innovation is enabling us to kind of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so once again you’re just seeking to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things but 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 need to create extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost perspective from an effect viewpoint on workers it is absolutely vital that it’s done properly and on time so what we imply 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 harmful effect on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll solution for your employees worldwide again I believe is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how essential a function 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 everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean 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 check out them and really see what was going on and type of try to get back to everybody so proceeding appearance why do business pick to primary separate checking account there are Papaya Global Contact Uk organizations out there doing exactly this for specific countries and I’ve worked in a service or numerous companies doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I believe people have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll purposes 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 the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately people are really stuck with what they’re familiar
with right um change is a challenging thing we all don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining several bank accounts however there’s a big amount of intricacy chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge but I believe the truthful answer is change um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually 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 almost be determined to be the next Century or so there is a lot to monitor and this method does position numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise 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 International staff members you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Contact Uk