Over the last 5 or 6 years …Papaya Global Essentials Pricing… functions on the supplier side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately 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 everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I want I was elsewhere at this moment in time all right 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 business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs 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 officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and handling them ends up being more and more intricate Global companies are looking to discover Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain different savings account often in various nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies enhance the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating variety of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really really fundamental there’s no genuine consistency structure we’re living in an era of tech however payroll has 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 simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in international payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global companies have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is shipped to the wrong place the typical 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 depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be included best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble very 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to type of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by companies across the world so once again you’re just looking to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact perspective on staff members it is definitely vital that it’s done properly 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 most significant destructive result on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been astonished entering into this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just notice when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the first Global Payments very first payroll payment option is a fantastic initial step towards providing an extensive payroll option for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account needed for international payroll are essential factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
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 everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean 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 require days of the week to try to look through them and actually see what was going on and kind of try to get back to everybody so moving on look why do companies choose to main different checking account there are Papaya Global Essentials Pricing organizations out there doing precisely this for particular countries and I have actually operated in a company or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and anyone that’s dealing with 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 quantity that we are I believe lots of reasons one is it’s the requirement I believe people have got so utilized to we need a new savings account we open an entity and rightly 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 standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately individuals are very stuck with what they’re familiar
with ideal um modification is a hard thing we all don’t like change um so I think it’s just 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 checking account however there’s a huge quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is big but I believe the sincere answer is change um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose several challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range 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 jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Essentials Pricing