Over the last five or six years …Papaya Global Employer Payroll Calculator… functions on the supplier side and likewise on the supplier side from a payroll perspective 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 everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type 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 kind of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary 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 difficulty years of handling Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession 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 recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them becomes increasingly more complex International companies are seeking to discover Solutions and new ways to improve processes particularly from a payroll and cross-border payment viewpoint many organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to maintain separate savings account in some cases in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business improve the episode complex procedures of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or really extremely standard there’s no genuine consistency structure we’re living in an era of tech however payroll has 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 every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on global payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide organizations have actually revealed 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 data data entry mistakes improperly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the required multiple 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 challenges service face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be included right and what does
it need to be thought about 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if however some babies 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 definitely essential and innovation is permitting us to type of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by organizations across the world so once again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or real tough sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact viewpoint on employees it is definitely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive effect on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has been informed 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 staff members or not um but eventually payroll is such an essential cycle all of us 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 exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also 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 Worldwide Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll service for your workers internationally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of 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 rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how essential a function 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 everyone that’s involved in those procedures and also so imagine sorry I’m just I was just 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 envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely 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 browse them and really see what was going on and kind of try to get back to everyone so moving on look why do companies pick to main different checking account there are Papaya Global Employer Payroll Calculator companies out there doing precisely this for specific nations and I’ve worked in a company or many companies doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and any person that’s handling 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 quantity that we are I think many factors one is it’s the standard I think people have got so used to we require a brand-new savings account we open an entity and rightly 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 just been the requirement and the standard 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 many other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually individuals are really stuck with what they recognize
with ideal um change is a tough thing we all don’t like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving numerous bank accounts but there’s a big quantity of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is huge but I believe the honest response is change um individuals haven’t had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century approximately there is a lot to track and this approach does pose several challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Employer Payroll Calculator