Over the last five or 6 years …How Do Company Set Up Direct Deposit Papaya Global Payroll… roles on the company side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind 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 extremely very uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise discuss a recap which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and handling them ends up being more and more complicated Global organizations are looking to discover Solutions and new ways to enhance processes particularly from a payroll and cross-border payment viewpoint numerous companies preserve separate bank account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain different savings account sometimes in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international Workforce is currently 3 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 currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll design there’s often an overwhelming number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there’s no real consistency framework 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 often with pen and paper which simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included best and what does
it need to be considered there’s differing Bank details 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 definitely fundamental and innovation is allowing us to sort of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely crucial that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re simply looking to add a growing number of 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 certain however have you got any experience in kind of real challenges or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost point of view from an effect perspective on employees it is definitely 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 need to be done right it has the biggest harmful impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been amazed entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific 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 we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a great first step um supplying an end-to-end payroll option for your workers worldwide once again I think is another big um process again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of organizations and decreasing the number 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 regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we know 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 associated with those processes and likewise so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of shot to return to everybody so proceeding look why do business choose to main different checking account there are How Do Company Set Up Direct Deposit Papaya Global Payroll organizations out there doing exactly this for particular nations and I’ve operated in a business or numerous companies doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and anybody that’s handling 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 amount that we are I believe numerous reasons one is it’s the standard I think people have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering however ultimately individuals are really stuck with what they recognize
with best um modification is a challenging thing all of us don’t like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping several checking account but there’s a huge quantity of complexity opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I think the honest answer is change um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or two there is a lot to monitor and this approach does pose a number of difficulties um so Johnny could you tell us about those difficulties 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you How Do Company Set Up Direct Deposit Papaya Global Payroll