Over the last 5 or 6 years …Bonus Payroll Vs Off Cycle Papaya Global… roles on the provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I want I was elsewhere at this moment in time alright 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 Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also review a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and managing them ends up being a growing number of complex Global companies are aiming to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment viewpoint numerous organizations maintain different bank account just for payroll while some have several accounts in different countries does it make good sense for business to keep different bank accounts often in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business streamline the episode complex processes of
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add further intricacy the international Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 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 design there’s frequently a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really basic there’s no genuine consistency framework we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often 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 companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the information 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 need to move the money around the world payroll and payments don’t run smoothly if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t need to be included best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 wherever you look best ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to sort of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m constantly impressed when individuals say I have actually 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the compensation landscape is becoming increasingly elaborate. Companies are constantly introducing new benefits and payment choices, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technically innovative age, there’s no validation for preserving cumbersome treatments. Payroll, the business’s biggest expense, must be processed properly and on time. Even small delays can adversely impact workers’ well-being and have far-reaching consequences. Therefore, it’s crucial to focus on accurate and timely payments.
payroll group get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone 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 also like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll solution for your employees globally again I think is another huge um process once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless 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 complaints where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how important a function 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 easy as possible for everybody that’s involved in those processes and also so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so moving on appearance why do business select to primary different bank accounts there are Bonus Payroll Vs Off Cycle Papaya Global companies out there doing exactly this for specific nations and I have actually worked in an organization or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and any person that’s dealing with that process 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 many reasons one is it’s the standard I believe people have actually got so used to we need a brand-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 think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but ultimately people are very stuck to what they recognize
with right um modification is a tough thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having maintaining numerous checking account however there’s a big amount of intricacy opts for setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is big but I believe the truthful response is change um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does present numerous obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just did you changed 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 Worldwide workers you should have a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Bonus Payroll Vs Off Cycle Papaya Global