Over the last 5 or 6 years …Payroll Tax Calculator Papaya Global… roles on the supplier side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 everybody comes from and I truly do hope it’s much sunnier than it remains 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 really extremely uninspiring and I wish I was somewhere else at this moment in time fine 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 managing International payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also discuss a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them becomes increasingly more complicated Worldwide organizations are aiming to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment standpoint numerous companies keep separate savings account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate bank accounts in some cases in various countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business improve the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll model there’s often an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really extremely standard there’s no genuine consistency structure we’re residing in a period 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 whenever I I think
about it to offer you an idea 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 gives me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide services 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 data information entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be consisted of ideal 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 nation there’s payment timespan 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 intricacy anywhere you look ideal ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 basic and technology is allowing us to kind of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals say I’ve split 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 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by companies across the world so again you’re simply aiming to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs at the same times 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 a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost perspective from an impact viewpoint on staff members it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll option for your employees globally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and checking account they require 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’ve never had a hundred countless them within a payroll cycle do not expect 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 rather where they’re meant 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 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 simple as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision 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 sort of try to get back to everyone so proceeding look why do companies pick to primary different checking account there are Payroll Tax Calculator Papaya Global companies out there doing precisely this for specific nations and I have actually operated in a company or lots of services doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think 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 people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require 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 standard the people have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it requires altering however eventually individuals are really stuck to what they recognize
with right um change is a challenging thing we all do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping several savings account but there’s a big amount of complexity opts for setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is huge but I think the truthful response is change um people haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to track and this approach does position several difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Payroll Tax Calculator Papaya Global