Over the last 5 or 6 years …Papaya Global Payroll Phone App… functions on the company side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone 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 is 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 really really gloomy and I want I was elsewhere at this moment in time fine 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 maintain separate
checking account payroll virtual wallets versus payroll checking 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 likewise discuss a wrap-up and that needs 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them becomes more and more complicated Global companies are wanting to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of organizations preserve different bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain separate checking account often in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include additional intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very extremely basic there’s no genuine consistency framework we’re residing in an era of tech but payroll has been sluggish 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 each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service spends on worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of global organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint 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 an excellent concern I always toss this back and say what is it what does not require to be included ideal and what does
it need to be considered 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being used by services across the world so again you’re just wanting to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or genuine tough sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an effect point of view on workers it is absolutely 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 damaging result on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. For that reason, it is vital to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the first International Payments first payroll payment service is a great preliminary action towards supplying a thorough payroll solution for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and savings account needed for worldwide payroll are key factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we know how how essential 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 everyone that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of try to return to everybody so moving on look why do companies select to primary separate savings account there are Papaya Global Payroll Phone App services out there doing exactly this for particular countries and I’ve worked in a service or lots of services doing precisely 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 developing additional work for anybody where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I think people have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it needs altering however ultimately people are really stuck with what they’re familiar
with ideal um change is a hard thing we all don’t like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account but there’s a big quantity of complexity goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is huge but I think the honest response is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does position several challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a variety 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 Global workers you deserve a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Phone App