Over the last five or six years …401K Payroll Integration Papaya Global… roles on the supplier side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 really really gloomy and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a wrap-up and that ought 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and handling them becomes increasingly more complicated Global organizations are seeking to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve different bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain different checking account in some cases in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how enhancing Global 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 intricate for a range of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they add more complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating number of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very extremely basic there’s no real consistency structure we’re residing in a period of tech however payroll has been slow 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 think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in international payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when 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 perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and state what is it what does not need to be included best and what does
it require to be considered there’s differing 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always astonished 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 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the compensation landscape is becoming progressively complex. Businesses are continuously introducing new benefits and payment choices, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically innovative age, there’s no reason for maintaining troublesome treatments. Payroll, the company’s most significant cost, need to be processed properly and on time. Even small delays can negatively affect workers’ well-being and have significant repercussions. For that reason, it’s critical to prioritize precise and prompt payments.
The payroll team may not have actually been thanked for correctly 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 an essential cycle, and people only discover when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the very first International Payments very first payroll payment option is an excellent initial action towards supplying a comprehensive payroll service for workers worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts needed for worldwide payroll are key factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how important a role it is and that’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 imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job 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 require days of the week to try to check out them and in fact see what was going on and kind of shot to return to everybody so proceeding look why do companies pick to primary different bank accounts there are 401K Payroll Integration Papaya Global companies out there doing precisely this for specific countries and I have actually worked in a company or lots of organizations doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I think people have actually got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have 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 needs changing however ultimately people are very stuck to what they recognize
with best um change is a tough thing we all do not like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous checking account however there’s a big amount of intricacy goes with establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the truthful response is change um individuals haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep track of and this approach does present a number of difficulties um so Johnny might you inform us about those obstacles 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you 401K Payroll Integration Papaya Global