Over the last 5 or 6 years …Papaya Global Where Do You State Someone Is Deceased… roles 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 quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody 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 drizzling here it’s extremely very gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll likewise discuss 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 recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes more and more complicated Worldwide companies are wanting to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment perspective lots of organizations maintain different savings account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain different bank accounts sometimes in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most notably policies compliance information security and banking guidelines then there are the large numbers they add more intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or really really standard there’s no real 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 frequently with pen and paper and that just 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 just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is just 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 making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 progress with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to sort of the level of intricacy there’s a growing number of benefits being organ or being used by businesses across the world so again you’re just seeking to include more and more 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 but have you got any experience in kind of real difficulties or real difficult sort of pay uses to play to pay individuals I think yeah I mean 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 works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an effect perspective on staff members it is absolutely important 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 harmful impact on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve always been impressed entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first Global Payments first payroll payment service is a fantastic initial step um supplying an end-to-end payroll service for your employees worldwide again I believe is another huge um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless 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 problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true 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 return to everyone so carrying on look why do business choose to primary separate savings account there are Papaya Global Where Do You State Someone Is Deceased organizations out there doing exactly this for particular nations and I’ve operated in an organization or many organizations doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anyone that’s managing 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 believe lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes 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 individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing however ultimately people are very stuck with what they’re familiar
with ideal um change is a tough thing we all do not like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous bank accounts however there’s a substantial quantity of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is huge however I believe the honest response is change um people haven’t had the ability to change or have not had always the knowledge to truly 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 know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to monitor and this method does pose several challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I simply 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 International employees you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Where Do You State Someone Is Deceased