Over the last five or six years …Papaya Global Slogan Payroll… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well among 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 simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly 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 drizzling here it’s very really gloomy and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll also review a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of typical and managing them becomes more and more complicated Worldwide organizations are seeking to find Solutions and new methods to streamline processes particularly from a payroll and cross-border payment perspective lots of organizations keep different savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to maintain separate bank accounts in some cases in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated 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 world in the standard payroll design there’s frequently a frustrating number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or very really basic there’s no real consistency structure we’re living in an age of tech but payroll has been slow 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 whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in international payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes badly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost 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 count 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 difficulties business face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 right eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if however 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to type of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by services across the world so once again you’re simply wanting to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or real challenging kind 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 bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact perspective on workers it is definitely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us find out 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 workout 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 things is absolutely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll option for your staff members worldwide once again I think is another huge um process again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and lowering the variety of tools platforms and bank accounts they need for their Global 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’ve never ever had a hundred countless 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 problems where things haven’t gone quite where they’re implied to be um I do not think any of us are really 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na say imagine the amount 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 possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to get back to everybody so carrying on look why do companies pick to main different checking account there are Papaya Global Slogan Payroll services out there doing precisely this for particular nations and I have actually worked in a company or many companies doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it requires altering however ultimately people are very stuck to what they’re familiar
with right um change is a challenging thing all of us don’t like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining numerous checking account however there’s a big amount of intricacy opts for setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is big however I think the sincere response is change um individuals haven’t been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to keep track of and this technique does pose several difficulties um so Johnny might you tell us about those challenges yeah naturally 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 acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Slogan Payroll