Over the last 5 or six years …Papaya Global 40M Scale 45M… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join all of us 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 currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly 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 raining here it’s really extremely uninspiring and I want I was elsewhere at this moment in time fine 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 handling Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also discuss a recap which ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them ends up being increasingly more complex International organizations are wanting to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint numerous organizations maintain separate bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve different bank accounts often in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they include further complexity the global Workforce is currently three and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s often a frustrating number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely really standard there’s no genuine consistency structure we’re residing in a period of tech but payroll has 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 every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the required 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 challenges organization face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought of 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 capabilities 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 client’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely important but everywhere you look with payroll payment they resemble extremely payments no if but some babies 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 permitting us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide 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 ultimately 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 more and more important to add to type of the level of intricacy there’s a growing number of advantages being organ or being provided by services throughout the world so once again you’re just looking to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real difficult sort of pay uses to play to pay individuals I believe yeah I mean 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 operates um there are groups doing one part of the job 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 necessarily require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from an expense perspective from an impact perspective on staff members it is absolutely vital that it’s done correctly and on time so what we indicate 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 detrimental impact on people’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just notice when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Using the very first Global Payments very first payroll payment solution is a fantastic initial action towards offering a detailed payroll service for staff members worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and savings account needed for international payroll are crucial factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we know how how crucial 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 everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and type of try to get back to everyone so carrying on look why do companies select to main different checking account there are Papaya Global 40M Scale 45M services out there doing precisely this for specific nations and I’ve worked in a business or lots of organizations doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anyone 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 believe numerous factors one is it’s the standard I think people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard 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 many other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it requires altering however eventually people are very stuck to what they’re familiar
with ideal um change is a challenging thing all of us don’t like change um so I believe it’s just type 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 advantages of having preserving multiple bank accounts however there’s a substantial quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big however I believe the sincere answer is change um individuals have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to monitor and this approach does present a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global 40M Scale 45M