Over the last 5 or 6 years …Papaya Global Payroll Feature Comparison… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually 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 raining here it’s really really dreary and I wish 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 taking a look at the difficulty years of handling Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over 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 execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them ends up being more and more complicated Worldwide companies are aiming to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment viewpoint numerous companies preserve different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different checking account often in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most notably regulations compliance data security and banking rules then there are the large numbers they include additional intricacy the international Workforce is presently 3 and a half billion people 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 factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely standard there’s no genuine consistency structure we’re residing in an age 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 frequently with pen and paper and that just blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of international businesses have revealed that they do not 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 badly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 definitely critical but everywhere you look with payroll payment they are like incredibly 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to kind of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work more detailed 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 work in the payroll occupation would they divide the payroll payment from estimation 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 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 world positions a high worth on wellness and the compensation landscape is ending up being increasingly intricate. Organizations are continuously presenting new advantages and payment choices, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technically advanced era, there’s no reason for maintaining troublesome treatments. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even slight hold-ups can adversely affect staff members’ wellness and have significant repercussions. Therefore, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has 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 employees or not um however eventually payroll is such a crucial cycle all of us find out about it when it fails everyone 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 consider 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 stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is a fantastic primary step um offering an end-to-end payroll solution for your workers internationally once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and checking account they require for their Worldwide 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how important 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 processes and also so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and kind of try to return to everybody so proceeding appearance why do companies choose to primary separate checking account there are Papaya Global Payroll Feature Comparison organizations out there doing exactly this for particular nations and I’ve worked in an organization or many services doing precisely that I can state it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe individuals have actually got so used to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety 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 gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing but ultimately people are extremely stuck with what they recognize
with best um change is a difficult thing all of us do not like modification um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining multiple checking account however there’s a huge quantity of complexity goes with setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big but I think the honest response is change um people have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Feature Comparison