Over the last five or 6 years …Papaya Global Tax Year 2017 To 2018… functions on the service provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us 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 simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 really extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll also review a recap and that ought to leave his time at the extremely very 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 Worldwide workforces end up being a growing number of common and handling them becomes a growing number of complex Worldwide organizations are aiming to discover Solutions and new ways to simplify procedures especially from a payroll and cross-border payment viewpoint numerous organizations preserve separate checking account just for payroll while some have several accounts in various nations does it make good sense for business to keep different checking account in some cases in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business streamline the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance information security and banking rules then there are the large numbers they include more complexity the global Workforce is currently three and a half billion people 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 companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really very fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has 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 whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location 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 do not run smoothly if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization 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 require to be consisted of right and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have 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 right eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and technology is allowing us to type of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of complexity there’s more and more benefits being organ or being offered by services throughout the world so once again you’re just aiming 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 huge experience here and I make certain but have you got any experience in kind of real difficulties or real difficult type of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely say that the larger a company 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 teams feeding information into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand 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 stated payroll is the single greatest liability that any service has from a cost point of view from an impact point of view on workers it is definitely 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 greatest destructive impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll solution for your workers globally once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and savings account they require for their International 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how important a function 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean up 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 really see what was going on and sort of shot to return to everyone so proceeding look why do business choose to primary different savings account there are Papaya Global Tax Year 2017 To 2018 companies out there doing precisely this for specific nations and I have actually operated in a company or many companies doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and anybody that’s dealing with 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 quantity that we are I think lots of reasons one is it’s the standard I believe individuals have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals 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 lots of other ways um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering however ultimately people are really stuck to what they recognize
with best um modification is a challenging thing all of us don’t like modification um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining multiple bank accounts however there’s a huge amount of complexity goes with setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge but I believe the sincere answer is modification um individuals haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component 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 advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does posture a number of difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Tax Year 2017 To 2018