Over the last five or six years …Where Is Papaya Global Data Stored… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually 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 really uninspiring and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and managing them ends up being increasingly more complicated Global organizations are looking to find Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment viewpoint lots of companies keep separate checking account just for payroll while some have multiple accounts in different nations does it make sense for business to keep separate bank accounts sometimes in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s frequently a frustrating number of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very really fundamental there’s no real consistency structure we’re residing in an era 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 simply blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global services have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the required numerous procedures 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 obstacles business face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be considered 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if but some babies 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 technology is enabling us to sort of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so once again you’re simply seeking to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or genuine difficult kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from an expense perspective from an effect point of view on workers it is definitely crucial that it’s done properly and on time so what we imply 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 result on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve always been surprised coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been informed 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 workers or not um however eventually 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 workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll solution for your staff members globally again I believe is another substantial um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could 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 indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine 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 get back to everybody so proceeding look why do companies pick to main separate savings account there are Where Is Papaya Global Data Stored companies out there doing precisely this for particular nations and I’ve operated in a service or many companies doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and anybody 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 think lots of factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately people are really stuck to what they recognize
with right um change is a difficult thing we all do not like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having preserving numerous checking account however there’s a substantial amount of intricacy chooses establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is huge but I think the honest answer is change um individuals have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or so there is a lot to track and this method does position numerous difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Where Is Papaya Global Data Stored