Over the last five or six years …Papaya Global Updates 2017… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 extremely extremely dreary and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a recap which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and handling them becomes a growing number of intricate Worldwide companies are looking to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment standpoint lots of organizations maintain different checking account just for payroll while some have several accounts in various nations does it make good sense for companies to keep separate checking account often in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Labor force is presently 3 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 currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely extremely fundamental there’s no real consistency structure we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived 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 precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have actually expressed that they do not 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 poor HCM information information entry errors poorly 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 shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought of 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely important but everywhere 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 type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to sort of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work closer together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to add to kind of the level of complexity there’s more and more benefits being organ or being used by organizations across the world so once again you’re simply seeking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or real tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would certainly say that the larger a service 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 information into the next function as it were that’s actually managing the payment side of things but you know in in my opinion 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 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 an era of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense perspective from an effect perspective on staff members it is definitely vital that it’s done correctly and on time so what we imply 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 harmful effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um supplying an end-to-end payroll option for your workers globally again I believe is another substantial um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of organizations and minimizing the number of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow 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 simple as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Updates 2017 services out there doing precisely this for specific nations and I’ve worked in an organization or lots of businesses doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing however eventually people are extremely stuck to what they recognize
with best um modification is a challenging thing all of us do not like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining multiple checking account but there’s a substantial quantity of intricacy chooses establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is substantial however I believe the truthful answer is change um individuals haven’t had the ability to change or have not had always the understanding 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 alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this technique does position several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I just did you changed 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 Worldwide employees you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Updates 2017