Over the last 5 or 6 years …Cost-saving Hr Compliance With Papaya Global… functions on the provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple 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 rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly 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 drizzling here it’s very very dreary and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise go over a wrap-up which should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and handling them becomes increasingly more intricate Global organizations are aiming to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment standpoint many companies preserve different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain different bank accounts sometimes in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include more complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll model there’s typically a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really very basic there’s no real consistency framework we’re living in an era of tech however 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 and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the needed multiple processes 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 obstacles service face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t require to be included best 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always surprised when people state I have actually divided 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 calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being provided by businesses across the world so again you’re just wanting to include a growing number of payments to this currently complicated landscape so if you sort 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 real challenges or real challenging sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age 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 concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an effect point of view on employees it is absolutely 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 biggest destructive result on individuals’s wellness and lots of other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment solution is a great initial step um offering an end-to-end payroll option for your employees internationally once again I believe is another big um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and checking account they need for their Worldwide 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 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 haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know 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 everybody that’s associated with those procedures and also so picture sorry I’m simply I was just gon na say picture 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 discussing numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job 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 try to check out them and actually see what was going on and type of try to return to everyone so proceeding appearance why do business choose to primary separate bank accounts there are Cost-saving Hr Compliance With Papaya Global companies out there doing exactly this for particular nations and I’ve operated in an organization or numerous services doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a process that needs looking at it needs altering but ultimately individuals are very stuck to what they recognize
with right um modification is a tough thing all of us do not like modification um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving multiple checking account but there’s a big quantity of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big but I believe the honest answer is modification um people have not been able to alter 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 think it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does present numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Cost-saving Hr Compliance With Papaya Global