Over the last 5 or 6 years …Papaya Global Review… functions on the provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating 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 everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also review a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them becomes more and more intricate Worldwide companies are aiming to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of organizations maintain separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to keep separate savings account sometimes in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses 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 adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they include additional intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s typically a frustrating variety of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very very standard 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 often with pen and paper and that simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes badly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the average expense of an international 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 don’t run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included ideal and what does
it need to be thought about there’s varying Bank information 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 consumer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 definitely essential and innovation is enabling us to sort of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to type of the level of intricacy there’s more and more advantages being organ or being used by organizations across the world so again you’re just seeking to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or real difficult type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger a service 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 handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra 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 need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost viewpoint from an impact viewpoint on employees it is definitely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have 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’ve constantly been impressed entering this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great 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. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the first Global Payments very first payroll payment solution is a great initial action towards providing a detailed payroll solution for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account needed for global payroll are key factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know how how important a function it is which’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 associated with those procedures and likewise so picture sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh definitely 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 attempt to check out them and really see what was going on and type of try to return to everybody so moving on appearance why do business choose to primary separate checking account there are Papaya Global Review organizations out there doing precisely this for specific nations and I’ve operated in a service or lots of companies doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately people are very stuck with what they recognize
with best um modification is a hard thing all of us don’t like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining several bank accounts but there’s a big amount of intricacy chooses establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is substantial however I believe the sincere response is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does pose numerous challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Review