Over the last 5 or six years …Can I Upgrade Papaya Global Payroll Service Without Calling… functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer 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 type of let them do that so it ‘d be rather interesting 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 truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll also review a wrap-up which must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them becomes increasingly more complex International organizations are aiming to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment standpoint many companies preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep separate savings account often in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they include additional intricacy the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s typically an overwhelming variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really extremely basic there’s no real consistency framework we’re residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a service 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 lead to compliance incidents in the last mile of the transaction almost half of worldwide companies have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the wrong place the average cost of an international data 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 don’t run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be consisted of ideal and what does
it need 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 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m always impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so once again you’re just wanting to include more and more payments to this already complex landscape so if you type 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 real challenges or real difficult kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact point of view on staff members it is definitely critical 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 biggest harmful result on people’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been amazed entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply 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 absolutely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your employees worldwide again I believe is another big um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and lowering 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 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances 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 understand how how crucial 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 involved in those processes and also so imagine sorry I’m just I was simply gon na say 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 speaking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everyone so proceeding appearance why do companies pick to main separate checking account there are Can I Upgrade Papaya Global Payroll Service Without Calling businesses out there doing exactly this for particular countries and I’ve operated in an organization or lots of businesses doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not have 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 quantity that we are I believe lots of factors one is it’s the requirement I think people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with right um change is a difficult thing we all do not like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining numerous checking account however there’s a big amount of complexity goes with establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is huge but I believe the honest response is modification um individuals have not been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to monitor and this technique does posture several difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I simply did you changed 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 Worldwide staff members you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Can I Upgrade Papaya Global Payroll Service Without Calling