Over the last five or six years …Do It Yourself Version Of Papaya Global Payroll Cost… functions on the provider side and also on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well among 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 rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly 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 raining here it’s extremely extremely gloomy and I wish I was elsewhere 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 handling Worldwide 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 enhancing papaya Global payroll payments as a tactical possession uh we’ll also review a recap which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and managing them becomes a growing number of intricate Global organizations are wanting to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment viewpoint many companies keep different checking account just for payroll while some have numerous accounts in different nations does it make sense for business to keep different checking account in some cases in various nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments accurately effectively securely 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 streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they add more intricacy the global Labor force is currently 3 and a half billion people 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 services and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or really extremely fundamental there’s no real consistency framework we’re living 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 and that just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately communicated 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 incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the required several processes 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 organization face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included best and what does
it require to be thought of there’s differing 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 capabilities 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 client’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to type of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals state I have actually 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 split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s more and more benefits being organ or being provided by organizations across the world so again you’re just seeking to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or real tough type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we operate in they just 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 a period that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from a cost viewpoint from an impact perspective on workers it is absolutely crucial 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 have to be done right it has the greatest destructive result on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind 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 however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll option for your staff members worldwide again I think is another huge um process once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of businesses and lowering the number of tools platforms and bank accounts they require for their International 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’ve never ever had a hundred thousand of them within a payroll cycle do not expect 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 suggested to be um I do not think any of us are really doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine 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 certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of try to get back to everybody so moving on appearance why do business choose to main different savings account there are Do It Yourself Version Of Papaya Global Payroll Cost services out there doing exactly this for particular countries and I have actually operated in an organization or many businesses doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs changing however eventually people are very stuck with what they’re familiar
with best um modification is a challenging thing we all do not like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping several bank accounts however there’s a huge quantity of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is big however I think the honest answer is modification um people haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this technique does present several challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Do It Yourself Version Of Papaya Global Payroll Cost