Over the last five or six years …Papaya Global Home Learning Courses… roles on the company side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all 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 simply to hear where everyone is um it’s nice to to sort of like see where everyone originates 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 drizzling here it’s very extremely dreary and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap which should leave his time at the extremely 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 International labor forces end up being more and more typical and managing them ends up being increasingly more complicated Worldwide organizations are seeking to find Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep different savings account in some cases in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated 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 worldwide in the standard payroll model there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no real consistency framework we’re residing in a period 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 every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of international businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be included best and what does
it need to be thought of there’s varying Bank information 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 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 best eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 sort of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals state I’ve split 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 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by companies across the world so once again you’re just seeking to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we operate 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 a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from a cost perspective from an effect point of view on staff members it is absolutely 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 destructive result on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort 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 staff members or not um but ultimately payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is an excellent first step um providing an end-to-end payroll option for your staff members internationally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t 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 thousand of them within a payroll cycle don’t expect 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 implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how crucial 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 simple as possible for everyone that’s involved in those procedures and also so envision sorry I’m simply I was just gon na say think of the amount 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 lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting 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 held true um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of shot to get back to everybody so proceeding look why do companies pick to primary different bank accounts there are Papaya Global Home Learning Courses companies out there doing precisely this for particular countries and I have actually operated in a business or lots of organizations doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not have to and any person that’s handling 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 quantity that we are I believe lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires changing but ultimately individuals are very stuck with what they’re familiar
with right um change is a challenging thing all of us don’t like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving numerous bank accounts but there’s a huge amount of complexity goes with establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is big but I believe the honest answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or two there is a lot to track and this technique does position several challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Home Learning Courses