Over the last five or 6 years …Wikipedia Papaya Global Payroll… functions on the service provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind 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 kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I wish I was elsewhere 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 Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise go over a wrap-up 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 International workforces become a growing number of common and handling them ends up being a growing number of intricate International companies are looking to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment viewpoint numerous companies maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve different savings account in some cases in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most notably regulations compliance data security and banking rules then there are the large numbers they add additional intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming number of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very really standard there’s no real consistency structure we’re living in an age of tech however 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 which 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 only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is delivered to the wrong place 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 cash around the globe payroll and payments don’t run smoothly if they rely 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 requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be consisted of best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of move on with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the payment landscape is ending up being significantly elaborate. Services are continually introducing new advantages and payment alternatives, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technologically sophisticated era, there’s no reason for maintaining troublesome treatments. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even minor delays can negatively impact employees’ wellness and have far-reaching repercussions. Therefore, it’s important to focus on accurate and timely payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has 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 staff members or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic initial step um supplying an end-to-end payroll solution for your staff members internationally again I think is another huge um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and checking account they need 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 ever 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 problems where things have not gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how important a function 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 everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everyone so proceeding look why do business pick to primary separate savings account there are Wikipedia Papaya Global Payroll businesses out there doing exactly this for particular countries and I’ve operated in a business or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs changing however ultimately people are really stuck to what they recognize
with ideal um change is a tough thing all of us do not like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping multiple checking account however there’s a huge quantity of intricacy goes with establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is huge however I think the sincere response is modification um people haven’t had the ability to change or haven’t 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 aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to monitor and this approach does present a number of obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Wikipedia Papaya Global Payroll