Over the last 5 or six years …How To Show Leavers On Papaya Global… roles on the service provider side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 very extremely dreary and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also discuss a wrap-up which ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them ends up being increasingly more intricate Global companies are looking to find Solutions and new ways to enhance processes particularly from a payroll and cross-border payment viewpoint many organizations preserve different bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different bank accounts often in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they add further complexity the global Labor force is currently 3 and a half billion individuals 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 companies and growing all doing their own thing worldwide in the traditional payroll model there’s frequently a frustrating number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very very basic there’s no genuine consistency framework we’re residing 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 frequently with pen and paper and that just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on international 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 cause compliance incidents in the last mile of the deal almost half of global organizations have expressed 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 because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s an excellent concern I always 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 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if however some babies 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 absolutely basic and technology is permitting us to sort of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to type of the level of complexity there’s more and more advantages being organ or being offered by organizations throughout the world so again you’re simply wanting to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine difficult kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information 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 doesn’t always require to be the case you know long gone are the times where we require 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 require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost point of view from an impact point of view on employees it is definitely critical 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 need to be done right it has the biggest damaging impact on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been amazed coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific 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 become aware of 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a great primary step um supplying an end-to-end payroll solution for your staff members worldwide once again I think is another substantial um process again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of services and reducing the variety of tools platforms and bank accounts they need for their Global 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how essential 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 everybody that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and sort of try to get back to everybody so carrying on look why do companies choose to main different checking account there are How To Show Leavers On Papaya Global organizations out there doing precisely this for specific countries and I’ve worked in an organization or lots of companies doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think individuals have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have actually 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 believe this is a process that needs taking a look at it requires changing however ultimately people are very stuck with what they’re familiar
with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping multiple savings account but there’s a big amount of complexity chooses setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is huge but I think the sincere response is modification um individuals have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or two there is a lot to keep track of and this approach does pose several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I simply did you switched our Enterprise 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 staff members you are worthy of a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Show Leavers On Papaya Global