Over the last five or six years …Papaya Global Installation Location… functions on the supplier side and likewise on the supplier side from a payroll point of view 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 give everybody another number of uh well among the 30 seconds approximately to join all of us 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 everybody is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely bleak and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll likewise go over a wrap-up which needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them ends up being more and more intricate Worldwide organizations are looking to find Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have several accounts in different nations does it make sense for business to keep different bank accounts often in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies 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 enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they add further complexity the global Labor force 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 services and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very extremely fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has 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 each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a photo they see an absence of exposure also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of international organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the information is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t 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 time frames 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 client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely important however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being used by businesses throughout the world so once again you’re just looking to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger a business 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 teams feeding information into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an impact point of view on staff members it is absolutely vital that it’s done properly and on time so what we indicate 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 detrimental impact on people’s well-being and lots of other elements if people 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 team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment solution is a great initial action towards supplying a thorough payroll solution for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account essential for global payroll are crucial factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyway we understand how how crucial 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and sort of shot to return to everybody so carrying on appearance why do business select to primary different savings account there are Papaya Global Installation Location companies out there doing exactly this for specific nations and I have actually operated in an organization or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and anyone 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 believe lots of factors one is it’s the standard I think people have got so used to we require 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 think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it requires altering however eventually people are really stuck with what they recognize
with ideal um change is a challenging thing all of us do not like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping numerous savings account however there’s a huge quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is big however I believe the truthful response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or so there is a lot to keep an eye on and this approach does position several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I simply 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 International employees you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Installation Location