Over the last five or six years …Papaya Global Courses Peterborough… roles on the company side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody 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 sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also review a recap which must leave his time at the very extremely 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 Global labor forces become increasingly more common and handling them ends up being more and more complicated International organizations are aiming to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment perspective numerous organizations preserve different savings account just for payroll while some have several accounts in various nations does it make sense for business to maintain different checking account often in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the global Workforce is presently three and a half billion individuals by 2030 it’s estimated 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 companies and growing all doing their own thing around the world in the conventional payroll design there’s often a frustrating variety of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or very extremely fundamental there’s no genuine consistency structure we’re living in a period of tech however payroll has 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 every time I I think
about it to give 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 offers me sleepless nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international services have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a good 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 considered there’s differing Bank details 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 eventually building a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly payments no if however some children 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 recognition that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses across the world so again you’re just looking to add more and more payments to this currently complex 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 real difficulties or real difficult kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact 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 require to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost point of view from an impact viewpoint on employees 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 destructive effect on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve constantly been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally too. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the first Global Payments very first payroll payment solution is a great preliminary step towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and savings account essential for international payroll are crucial consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyhow we know 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 involved in those procedures and also so think of sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can’t imagine 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 get back to everybody so proceeding appearance why do companies select to main different savings account there are Papaya Global Courses Peterborough services out there doing exactly this for specific nations and I’ve operated in a business or many services doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking 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 requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it needs changing however ultimately individuals are really stuck to what they recognize
with best um modification is a tough thing all of us don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping multiple savings account however there’s a huge quantity of complexity goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is huge however I think the truthful answer is change um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think 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 but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to monitor and this method does pose several challenges um so Johnny might you inform us about those challenges yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Courses Peterborough