Over the last five or 6 years …Papaya Global Atlanta Glassdoor… roles on the supplier side and likewise 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 okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them ends up being more and more intricate International organizations are looking to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment perspective lots of organizations preserve different savings account just for payroll while some have several accounts in different nations does it make sense for companies to maintain different savings account in some cases in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion individuals 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 services and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming variety of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very fundamental there’s no real consistency structure we’re living in an era of tech but payroll has actually been sluggish 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 each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 essential and innovation is permitting us to type of move forward with that it also also 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 definitely important that payroll and financing groups work closer together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 procedure it’s the point of data 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 increasingly more important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by businesses across the world so once again you’re simply seeking to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine tough sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an effect perspective on workers it is absolutely important 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 have to be done right it has the most significant damaging impact on people’s wellness and many other factors 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 team might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. For that reason, it is important to make sure that tasks like Wi-Fi Global and other vital matters are done correctly. Using the first Global Payments first payroll payment option is an excellent preliminary step towards offering a detailed payroll service for workers worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts required for international payroll are crucial consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as planned. Eventually, we do not do it for the appreciation.
anyhow we understand how how crucial a role 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 involved in those procedures and also so imagine sorry I’m simply I was just gon na state envision 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 talking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting 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 try to check out them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do companies pick to main separate checking account there are Papaya Global Atlanta Glassdoor companies out there doing precisely this for specific countries and I have actually operated in a business or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and anybody that’s dealing with 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 think lots of reasons one is it’s the standard I believe people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing but ultimately individuals are really stuck to what they’re familiar
with right um modification is a hard thing we all do not like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having maintaining multiple savings account but there’s a big amount of intricacy goes with establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is big but I believe the sincere answer is change um individuals have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages 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 monitor and this technique does present several difficulties um so Johnny might you inform us about those obstacles yeah obviously 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 Global workers you should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Atlanta Glassdoor