Over the last 5 or six years …Papaya Global Suspend Payroll… roles on the service provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody 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 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 extremely gloomy and I want 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 taking a look at the difficulty years of handling Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap and that ought to leave his time at the extremely extremely 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 labor forces end up being more and more typical and handling them becomes increasingly more complicated Global organizations are wanting to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment standpoint numerous companies preserve separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to preserve different savings account often in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex procedures of
making payroll payments accurately effectively firmly 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 companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 globe in the standard payroll design there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely basic there’s no genuine consistency structure 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 frequently with pen and paper and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have actually revealed 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 because of time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed several processes 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 challenges business face when they’re paying to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of right and what does
it require 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 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 client’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely crucial but all over you look with payroll payment they resemble incredibly payments no if however some children 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 essential and technology is enabling 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 Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to add to type of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re simply seeking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger a service 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 info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t 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 tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost viewpoint from an effect perspective on staff members it is absolutely vital 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 need to be done right it has the most significant detrimental result on people’s well-being and lots of other aspects if people aren’t paid uh I have actually always been amazed entering this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind 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 however 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 but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a great primary step um providing an end-to-end payroll option for your workers globally once again I think is another huge um process once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of services and reducing the number of tools platforms and checking account they require 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 complaints where things haven’t gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyway we know 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 envision sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting 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 attempt to browse them and actually see what was going on and kind of shot to return to everyone so moving on look why do business select to main separate checking account there are Papaya Global Suspend Payroll organizations out there doing exactly this for particular nations and I’ve worked in an organization or many companies doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and any person that’s handling 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 amount that we are I think numerous reasons one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering however eventually individuals are very stuck with what they’re familiar
with ideal um change is a difficult thing all of us do not like modification um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having maintaining several checking account however there’s a substantial amount of intricacy opts for establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is substantial however I think the truthful response is modification um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this method does pose numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
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