Over the last five or 6 years …Papaya Global Support Contact Number… functions on the service provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 very gloomy and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business keep 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 International payroll payments as a strategic property uh we’ll likewise discuss a recap and that needs to leave his time at the extremely really 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 Worldwide labor forces end up being increasingly more common and handling them ends up being a growing number of intricate Worldwide organizations are wanting to find Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment perspective numerous companies maintain different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain separate checking account in some cases in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business enhance 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 bank account how business precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they include more complexity the worldwide 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 factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s often an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or really really standard there’s no real consistency framework we’re living 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 typically with pen and paper and that simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors improperly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s an excellent question I constantly 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 country there’s payment timespan there’s payment abilities 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 absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 absolutely essential and innovation is permitting us to type of move on with that it also too to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split 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 process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re simply looking 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’m sure but have you got any experience in kind of genuine challenges or genuine difficult kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually managing 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 understand long gone are the times where we need to produce extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect perspective on staff members it is absolutely crucial that it’s done properly 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 people’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been surprised entering this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll solution for your employees internationally once again I believe is another substantial um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of companies and minimizing the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t 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 involved in those procedures and also so picture sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everyone so moving on appearance why do companies pick to main separate savings account there are Papaya Global Support Contact Number businesses out there doing exactly this for specific nations and I have actually operated in a company or numerous businesses doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually 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 process that needs looking at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with ideal um modification is a challenging thing we all do not like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving several bank accounts however there’s a big amount of complexity goes with setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is huge however I think the sincere answer is modification um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually constantly 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 understand what could nearly be determined to be the next Century approximately there is a lot to track and this method does present numerous obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Support Contact Number