Over the last five or six years …How Do You Use Papaya Global Payroll… roles on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right 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 these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly 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 drizzling here it’s very very bleak and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll likewise go over a recap which must leave his time at the really very 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 Worldwide workforces become increasingly more common and handling them becomes more and more intricate International organizations are seeking to find Solutions and new methods to improve procedures particularly from a payroll and cross-border payment standpoint numerous companies maintain different bank account just for payroll while some have several accounts in various countries does it make good sense for business to preserve different savings account sometimes in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business streamline the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include more complexity the worldwide Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people 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 around the world in the conventional payroll design there’s frequently an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really really standard there’s no real consistency structure we’re residing in an era of tech but 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 simply blows my mind every time 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 Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of international services 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 poor HCM data information entry errors improperly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great question I always throw this back and say what is it what does not require to be included best and what does
it require to be thought about there’s varying 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 intricacy anywhere you look right ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and innovation is permitting us to sort of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m always astonished when people say I’ve 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 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the payment landscape is becoming progressively detailed. Organizations are constantly presenting brand-new benefits and payment options, which contributes to the total intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically advanced period, there’s no validation for maintaining troublesome procedures. Payroll, the company’s most significant cost, must be processed properly and on time. Even slight delays can adversely affect employees’ well-being and have significant repercussions. For that reason, it’s important to focus on precise and prompt payments.
payroll team get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers 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 however when it goes right it’s just a tick box workout and I think 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 vital that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your workers worldwide again I think is another substantial um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of services and decreasing the variety of tools platforms and bank accounts they require for their International 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 ever had a hundred thousand of them within a payroll cycle do not anticipate 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 don’t believe any of us are actually doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say 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 discussing numerous thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and type of shot to return to everyone so carrying on appearance why do companies pick to primary separate bank accounts there are How Do You Use Papaya Global Payroll organizations out there doing exactly this for particular countries and I’ve worked in an organization or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not have to and any person that’s managing 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 think lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions 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 individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires altering but ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a challenging thing all of us don’t like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving multiple bank accounts however there’s a big amount of complexity chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is substantial but I think the truthful answer is modification um people have not been able to alter or have not had always the understanding to actually 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 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 looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does position numerous obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. How Do You Use Papaya Global Payroll