Over the last 5 or 6 years …Papaya Global Payslip Explained… roles on the provider side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone 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 intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 very extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that needs to leave his time at the really very 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 become more and more common and handling them becomes increasingly more complex Worldwide companies are seeking to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep separate bank accounts often in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking 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 strategic asset so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s frequently an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very fundamental there’s no genuine consistency structure 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 frequently with pen and paper which just blows my mind every time I I think
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 Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international services have actually revealed that they don’t 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 bad HCM information information entry errors inadequately interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a great question 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 considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely important but all over you look with payroll payment they resemble 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 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 technology is enabling us to kind of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals 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 divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 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 more and more crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being used by companies throughout the world so again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you type 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 real difficulties or real challenging type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info 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 always require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact viewpoint on staff members it is definitely crucial that it’s done correctly and on time so what we mean 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 detrimental result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the very first Global Payments first payroll payment solution is a fantastic preliminary action towards supplying a comprehensive payroll solution for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account needed for worldwide payroll are crucial consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we understand how how important 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 associated with those processes and also so picture sorry I’m simply I was simply gon na say envision the amount 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 hundreds of thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely 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 everyone so proceeding appearance why do companies select to main different savings account there are Papaya Global Payslip Explained services out there doing precisely this for specific nations and I have actually operated in a service or many businesses doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for any person where we don’t need to and any person that’s managing that process 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 think many factors one is it’s the requirement I believe individuals have got so used to we require 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 believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing but ultimately individuals are very stuck to what they recognize
with right um change is a hard thing all of us do not like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining numerous savings account but there’s a big amount of complexity goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is substantial however I believe the honest response is modification um people haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand 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 benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep track of and this approach does posture numerous obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just 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 workers you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payslip Explained