Over the last 5 or six years …How To Find Leavers Details On Papaya Global… roles on the provider side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type 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 really 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 very really dreary and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise review a recap and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them becomes more and more complex Worldwide companies are aiming to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate bank account just for payroll while some have several accounts in various countries does it make sense for companies to keep different bank accounts in some cases in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they include more complexity the global Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s typically an overwhelming variety of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely really standard 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 often with pen and paper which just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global companies have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be included ideal 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 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 complexity anywhere you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to kind of the level of complexity there’s more and more advantages being organ or being provided by services throughout the world so once again you’re just looking 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 vast experience here and I make certain however have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly state that the larger 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 in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost viewpoint from an impact point of view on workers it is definitely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental impact on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort 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 employees or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a great first step um offering an end-to-end payroll service for your workers worldwide once again I think is another huge um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and decreasing the variety of tools platforms and savings account they require for their Global 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how essential a function 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 likewise so envision sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting 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 attempt to browse them and in fact see what was going on and kind of try to get back to everybody so proceeding look why do business select to primary separate savings account there are How To Find Leavers Details On Papaya Global organizations out there doing exactly this for particular countries and I’ve operated in a business or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anyone that’s managing 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 factors one is it’s the standard I think people have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it requires altering but eventually individuals are really stuck with what they recognize
with right um change is a hard thing all of us don’t like change um so I believe it’s simply 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 clearly the benefits of having maintaining several bank accounts however there’s a substantial amount of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is big however I think the honest answer is modification um individuals haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to monitor and this technique does posture several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you switched 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 Worldwide employees you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you How To Find Leavers Details On Papaya Global