Over the last 5 or 6 years …Papaya Global Restaurant Payroll… roles on the service provider side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 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 sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them ends up being a growing number of complex International companies are seeking to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment perspective numerous organizations maintain different checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep separate savings account sometimes in various nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments accurately 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 checking account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the global Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely very standard there’s no real consistency framework we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just 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 companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t require to be included right and what does
it need to be considered there’s differing Bank information 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m always amazed when individuals say 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 computation I would say no so why do we as a market 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by companies across the world so once again you’re just aiming to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or real difficult type of pay uses to play to pay individuals I think yeah I imply 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 operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense viewpoint from an impact point of view on employees it is definitely crucial that it’s done correctly 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 biggest damaging impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been amazed entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has actually been told 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 staff members or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view 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 stuff is done correctly so leveraging the first International Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll solution for your staff members globally once again I think is another substantial um procedure once again aligning and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of companies and reducing the variety of tools platforms and bank accounts they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role 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 simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na say imagine 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 numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to return to everybody so proceeding look why do companies pick to main different savings account there are Papaya Global Restaurant Payroll businesses out there doing exactly this for particular nations and I have actually worked in a company or numerous organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and anyone that’s handling that process 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 lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have looked 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 needs taking a look at it needs changing but eventually people are extremely stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving several bank accounts however there’s a big amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is huge however I think the honest answer is change um people haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does present a number of obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you switched our Business 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 International employees you should have a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Restaurant Payroll