Over the last five or 6 years …Papaya Global Payroll Itunes… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually 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 drizzling here it’s really really uninspiring and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll also go over a recap which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and managing them ends up being more and more intricate International organizations are wanting to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment standpoint numerous companies maintain different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve different checking account often in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably regulations compliance information security and banking rules then there are the large numbers they include further complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated 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 services and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no real consistency framework we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on global payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the essential several procedures 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 employees or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require 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 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 consumer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like 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 in 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 allowing us to kind of move on with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being offered by organizations throughout the world so once again you’re just aiming to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however 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 require to produce extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from a cost perspective from an impact perspective on staff members it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful impact on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve always been astonished entering this Market kind of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. Therefore, it is necessary to make sure that tasks like Wi-Fi International and other essential matters are done properly. Using the first International Payments first payroll payment option is a great preliminary action towards supplying an extensive payroll solution for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and bank accounts required for global payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and kind of try to get back to everyone so carrying on look why do business pick to primary separate checking account there are Papaya Global Payroll Itunes services out there doing precisely this for particular countries and I’ve worked in an organization or lots of services doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and any person that’s managing 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 lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a 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 standard the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with right um modification is a tough thing all of us do not like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining several savings account but there’s a substantial quantity of intricacy chooses setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is big but I think the sincere answer is modification um individuals haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep track of and this technique does present numerous challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just 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 workers you are worthy of a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Itunes