Over the last 5 or six years …How To Run Payroll Papaya Global… roles on the supplier side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give 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 sort of let them do that so it ‘d be rather 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 everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely bleak and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also discuss a recap and that 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them ends up being a growing number of complex International organizations are seeking to discover Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment perspective numerous organizations preserve separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to preserve different savings account often in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include additional intricacy the international Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 design there’s frequently a frustrating number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency framework we’re living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which 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 services say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have actually 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 because of time reporting bad HCM information data entry mistakes badly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the necessary several processes 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 difficulties organization face when they’re making payments to workers 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 best and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 allowing us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is becoming increasingly detailed. Organizations are continuously introducing new benefits and payment choices, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s technically advanced period, there’s no reason for preserving cumbersome procedures. Payroll, the company’s greatest cost, should be processed correctly and on time. Even slight delays can negatively affect workers’ wellness and have significant repercussions. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply 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 absolutely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment service is a fantastic initial step um offering an end-to-end payroll option for your staff members globally once again I think is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their Global payroll too could not 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 don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how essential a role it is and that’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 everybody that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na state imagine 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 numerous thousands possibly 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 but it would certainly be a fascinating job 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 need days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everybody so moving on appearance why do companies pick to main separate bank accounts there are How To Run Payroll Papaya Global businesses out there doing precisely this for particular countries and I’ve worked in an organization or numerous companies doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anyone that’s dealing with 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 quantity that we are I think many reasons one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted 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 many other ways um to to kind of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing however eventually individuals are really stuck to what they recognize
with right um change is a challenging thing we all don’t like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining numerous savings account but there’s a big quantity of complexity opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I think the honest answer is change um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this method does posture a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety 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 Global employees you are worthy of a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Run Payroll Papaya Global