Over the last 5 or 6 years …Papaya Global Texas Payroll… functions on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give 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 sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was somewhere else at this moment in time okay so let’s get started 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 companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up which must leave his time at the very really 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 International labor forces end up being increasingly more common and managing them becomes more and more complicated Global organizations are looking to find Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment perspective numerous organizations keep separate bank account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain different checking account often in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very very standard there’s no genuine consistency structure we’re living in an era 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 often with pen and paper and that simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide companies have expressed that they don’t 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 bad HCM data information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s differing Bank details 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely essential and technology is permitting us to kind of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by businesses throughout the world so again you’re just looking to include a growing number of payments to this currently complicated landscape so if you sort 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 genuine challenges or real tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run 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 age of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an effect perspective on staff members 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 have to be done right it has the most significant harmful impact on people’s well-being and many other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just 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 things is absolutely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um supplying an end-to-end payroll service for your employees worldwide again I think is another substantial um process again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of services and minimizing the number of tools platforms and bank accounts they require for their International 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na say think of 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 numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean up 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 require days of the week to attempt to browse them and really see what was going on and type of shot to get back to everyone so moving on look why do companies pick to primary different savings account there are Papaya Global Texas Payroll organizations out there doing precisely this for particular countries and I have actually operated in a service or numerous companies doing exactly that I can say it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and anyone 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 amount that we are I think many reasons one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and appropriately 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 simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering but eventually individuals are really stuck with what they’re familiar
with best um change is a challenging thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving multiple checking account but there’s a huge amount of intricacy opts for setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is big however I believe the truthful response is change um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to track and this technique does pose a number of difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise 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 actually gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Texas Payroll