Over the last 5 or six years …Papaya Global Crashes When Running Reports… functions on the company side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody 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 dreary and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that must leave his time at the really 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 workforces end up being more and more typical and managing them ends up being more and more intricate Worldwide organizations are aiming to discover Solutions and new ways to enhance processes especially from a payroll and cross-border payment viewpoint numerous companies keep different checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep different bank accounts often in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they add further complexity the international Workforce is presently 3 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 world in the conventional payroll model there’s typically an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or very very standard there’s no genuine consistency framework we’re living in a period of tech however payroll has actually been slow 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 organizations state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international services have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what does not need to be included ideal and what does
it need to be thought of there’s differing 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 capabilities 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 client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so again you’re just looking to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact point of view on workers it is absolutely critical that it’s done correctly and on time so what we imply 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 result on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll option for your employees worldwide again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and lowering the number 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 ever had a hundred countless them within a payroll cycle don’t 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 in fact doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying 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 try to check out them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do companies pick to main different savings account there are Papaya Global Crashes When Running Reports companies out there doing exactly this for particular nations and I have actually worked in a business or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for any person where we don’t need to and anyone that’s dealing with 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 quantity that we are I believe many reasons one is it’s the requirement I believe people have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering however ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a hard thing all of us do not like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping numerous savings account but there’s a huge quantity of intricacy opts for establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is substantial however I believe the honest answer is modification um people haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture several challenges um so Johnny might you inform us about those obstacles yeah obviously 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 gotten another CFO, and with this improved capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Crashes When Running Reports