Over the last 5 or six years …What Does Papaya Global Payroll Look Like… functions on the provider side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating 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 everybody comes from and I actually do hope it’s much sunnier than it remains 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 extremely very uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a recap and that needs to leave his time at the extremely very 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 Global labor forces become increasingly more common and managing them becomes a growing number of complex Global companies are looking to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective lots of companies keep separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve separate checking account sometimes in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 all over the world in the conventional payroll model there’s typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no real 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 typically with pen and paper and that just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a company invests in international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it require 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to type of progress with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re simply seeking to add increasingly more payments to this already complex 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 real obstacles or genuine difficult kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams 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 but you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense perspective from an impact point of view on employees it is definitely vital 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 have to be done right it has the greatest harmful effect on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody 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 people only notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. For that reason, it is important to guarantee that tasks like Wi-Fi International and other important matters are done properly. Using the first Global Payments very first payroll payment option is a great initial action towards offering a comprehensive payroll solution for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account required for worldwide payroll are key factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyway we know how how important a function 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 easy as possible for everybody that’s involved in 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 might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do business select to main separate savings account there are What Does Papaya Global Payroll Look Like services out there doing exactly this for particular countries and I have actually worked in a service or many businesses doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think people 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 but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have 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 taking a look at it needs altering however ultimately people are really stuck with what they recognize
with right um change is a difficult thing all of us do not like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping several bank accounts however there’s a huge amount of complexity opts for establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I believe the sincere answer is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does present a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you changed our Business 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 International employees you should have a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you What Does Papaya Global Payroll Look Like