Over the last five or six years …Yelp Papaya Global Payroll… roles on the company side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and managing them ends up being more and more complex Global organizations are seeking to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment standpoint many companies keep different bank account just for payroll while some have multiple accounts in various countries does it make sense for business to keep different checking account in some cases in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they add more complexity 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 businesses and growing all doing their own thing around the world in the conventional payroll design there’s often a frustrating variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or really extremely 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 often with pen and paper and that 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 just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors inadequately communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed multiple procedures 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 business face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be included best 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 country 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of move on with that it also as well to add 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 teams work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the payment landscape is becoming increasingly complex. Organizations are constantly introducing brand-new benefits and payment choices, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s technically advanced era, there’s no justification for preserving troublesome procedures. Payroll, the business’s biggest cost, need to be processed properly and on time. Even slight hold-ups can negatively impact employees’ well-being and have significant repercussions. Therefore, it’s vital to prioritize precise and prompt payments.
payroll group get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll option for your employees globally once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those processes and also so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task 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 need days of the week to try to look through them and actually see what was going on and kind of shot to get back to everyone so moving on appearance why do companies select to main separate bank accounts there are Yelp Papaya Global Payroll organizations out there doing precisely this for particular nations and I have actually worked in a business or many companies doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anyone that’s handling 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 believe lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a process that requires looking at it requires changing but ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a tough thing we all do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving multiple checking account however there’s a big amount of complexity opts for establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is huge but I believe the honest response is modification um individuals haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this method does position a number of challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed our Business 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 due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Yelp Papaya Global Payroll