Over the last five or 6 years …Papaya Global Free Payroll For Your Firm… functions on the supplier side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting 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 originates from and I truly 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 drizzling here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll likewise review a wrap-up which should leave his time at the really extremely 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 Global labor forces become a growing number of common and managing them ends up being increasingly more complicated Global companies are seeking to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment standpoint many companies preserve different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain different bank accounts in some cases in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs 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 sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they include more complexity the worldwide Labor force is presently 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 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 worldwide in the traditional payroll design there’s often an overwhelming variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or really really basic there’s no real consistency framework we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every 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 businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of global organizations have expressed 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 poor HCM information data entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the wrong location the average cost 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 cash all over the world payroll and payments don’t run efficiently if they rely on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 ideal ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to kind of move on with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information 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 reside in and well-being being more and more essential to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being offered by services across the world so once 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 large experience here and I make sure however have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos 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 a period of tech and a period that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact point of view on staff members it is definitely vital 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 have to be done right it has the most significant detrimental impact on people’s wellness and many other aspects if people aren’t paid uh I’ve constantly been surprised entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um supplying an end-to-end payroll option for your employees globally once again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of services and reducing the variety of tools platforms and bank accounts they require 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 countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how important a role 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 simple as possible for everyone that’s associated with those processes and also so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing 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 require days of the week to attempt to browse them and really see what was going on and sort of shot to return to everybody so proceeding appearance why do business choose to main separate checking account there are Papaya Global Free Payroll For Your Firm businesses out there doing exactly this for specific countries and I have actually worked in a service or lots of organizations doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have 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 amount that we are I believe numerous reasons one is it’s the requirement I think individuals have 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 variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering however ultimately people are extremely stuck to what they’re familiar
with ideal um change is a hard thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving numerous savings account however there’s a huge quantity of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is huge however I believe the honest answer is modification um people have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does posture several challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I simply did you changed 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 deserve a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Free Payroll For Your Firm