Over the last five or six years …Does Papaya Global Do Payroll… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply 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 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 really really dreary and I wish I was somewhere else at this moment in time all right 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 companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll also review a recap and that ought to leave his time at the really very 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 International workforces end up being a growing number of common and handling them becomes a growing number of intricate International organizations are looking to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of companies keep different bank account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain separate bank accounts often in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex procedures of
making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession 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 complicated for a variety of factors most notably regulations compliance information security and banking rules then there are the large numbers they include additional intricacy the international Workforce is currently three 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 presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or really very fundamental there’s no real consistency structure we’re living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide services 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 due to time reporting poor HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the needed several processes systems and partners it is simply 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 staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be considered there’s varying Bank information 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like super payments no if however 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 acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing teams work better together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re simply aiming to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine challenges or real tough type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to develop additional handoffs at the same times 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 know that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from an expense viewpoint from an effect point of view on workers it is definitely vital 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 damaging effect on individuals’s well-being and many other aspects if people aren’t paid uh I have actually always been astonished coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone 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 also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll option for your workers globally once again I believe is another substantial um process again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of organizations and minimizing the variety of tools platforms and savings account they require for their Worldwide 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how essential a role 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 everybody that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t think of 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 actually see what was going on and type of try to get back to everybody so carrying on look why do companies choose to primary different savings account there are Does Papaya Global Do Payroll companies out there doing precisely this for specific countries and I’ve operated in an organization or many companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately 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 simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing however ultimately individuals are very stuck to what they recognize
with right um change is a hard thing we all do not like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping numerous bank accounts but there’s a substantial quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is big but I believe the honest response is modification um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this technique does position a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Does Papaya Global Do Payroll