Over the last 5 or six years …Papaya Global Training Cost… functions on the supplier 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 everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two 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 interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort 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 dreary and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise review a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and handling them becomes more and more intricate International companies are seeking to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective numerous organizations keep separate checking account just for payroll while some have several accounts in various nations does it make sense for companies to preserve different bank accounts often in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 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 world in the conventional payroll model there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or really very standard there’s no real consistency framework we’re residing in an age of tech however payroll has actually 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 just 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 companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the needed several 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 challenges business face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of best and what does
it need to be considered there’s varying Bank details 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 abilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like extremely 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 permitting us to kind of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data 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 reside in and well-being being more and more crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by companies throughout the world so again you’re just looking to include more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure however 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 indicate over the last well yeah a couple of decades I would absolutely state that the larger 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 groups feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop 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 need to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an impact viewpoint on staff members it is definitely critical that it’s done correctly 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 biggest damaging impact on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve always been surprised entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. Therefore, it is important to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Global Payments first payroll payment option is a fantastic preliminary step towards providing a detailed payroll service for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and bank accounts essential for worldwide payroll are key consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we know 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job 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 attempt to browse them and really see what was going on and sort of try to return to everyone so proceeding appearance why do companies pick to main separate checking account there are Papaya Global Training Cost organizations out there doing exactly this for particular countries and I’ve worked in a service or numerous organizations doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and any person that’s dealing with 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 factors one is it’s the requirement I believe individuals have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past 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 taking a look at it requires altering however eventually people are really stuck with what they’re familiar
with right um modification is a tough thing we all do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple savings account however there’s a substantial quantity of complexity opts for establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge however I think the honest response is modification um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to monitor and this method does position numerous challenges um so Johnny might you inform 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 International staff members you are worthy of a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Training Cost