Over the last 5 or 6 years …Can I Cancel Papaya Global Payroll Only… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually 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 very uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise review a recap which needs to leave his time at the very really 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 International labor forces end up being increasingly more typical and handling them becomes increasingly more complex Global companies are looking to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment standpoint lots of companies keep separate checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain separate checking account in some cases in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments properly effectively 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 accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance data security and banking guidelines then there are the large numbers they add further complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s typically a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really extremely basic there’s no real consistency structure we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just 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 services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization 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 included ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 innovation is permitting us to kind of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations across the world so once again you’re simply looking to add increasingly more payments to this currently complicated landscape so if you kind 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 challenges or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from a cost perspective from an impact viewpoint on workers it is definitely important that it’s done properly 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 greatest harmful effect on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually constantly been impressed entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been informed 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 staff members or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll solution for your employees worldwide again I believe is another huge um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and minimizing the variety of tools platforms and bank accounts they require for their Global 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten 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 essential 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 everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to get back to everyone so proceeding appearance why do business choose to main separate bank accounts there are Can I Cancel Papaya Global Payroll Only organizations out there doing precisely this for specific countries and I’ve worked in a company or numerous companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and anyone 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 many factors 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 need it for payroll purposes 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 the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering but ultimately people are very stuck to what they recognize
with ideal um modification is a hard thing we all do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping several checking account but there’s a big amount of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial however I believe the honest answer is change um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does position numerous challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise 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 are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Can I Cancel Papaya Global Payroll Only