Over the last five or 6 years …Papaya Global Year End 2018 Video… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone 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 quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly 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 want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up which should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them becomes a growing number of intricate Worldwide companies are seeking to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment standpoint many companies preserve separate checking account just for payroll while some have numerous accounts in various nations does it make sense for business to keep separate bank accounts often in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include further complexity the global Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s often a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely really fundamental there’s no genuine consistency structure we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on international payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global services have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the essential multiple 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 obstacles company face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be consisted of ideal 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 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 client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to type of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses across the world so again you’re simply aiming to include more and more payments to this currently complex 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 genuine obstacles or real difficult kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely say 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 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 understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more prompt 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 know that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an impact perspective on employees it is absolutely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging effect on people’s wellness and many other factors if people aren’t paid uh I have actually constantly been surprised entering this Market kind 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 fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think 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 absolutely vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your workers globally again I think is another huge um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and minimizing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies choose to main different savings account there are Papaya Global Year End 2018 Video services out there doing precisely this for specific countries and I have actually operated in a company or lots of services doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions but 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 contribute to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it requires changing but eventually individuals are really stuck to what they’re familiar
with right um modification is a difficult thing we all don’t like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving multiple checking account however there’s a big quantity of intricacy chooses setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is huge however I believe the truthful answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to track and this method does pose several challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I simply did you switched our Enterprise 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 staff members you deserve a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Year End 2018 Video