Over the last 5 or 6 years …Papaya Global Not Updateing… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really uninspiring 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 obstacle years of managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise review a recap and that ought to leave his time at the very really 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 Global labor forces become more and more typical and handling them becomes increasingly more complicated Global companies are seeking to discover Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment standpoint many companies maintain separate checking account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate bank accounts in some cases in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance information security and banking rules then there are the large numbers they add further complexity 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 presently 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 globe in the conventional payroll design there’s frequently a frustrating number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really extremely standard there’s no real consistency framework we’re residing in a period of tech but 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 offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely fundamental and innovation is permitting us to sort of move on with that it likewise also to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say 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 occupation would they split the payroll payment from computation 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 data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses across the world so once again you’re simply looking to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop 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 an age of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost perspective from an effect point of view on workers it is definitely crucial 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 need to be done right it has the biggest destructive impact on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has 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 employees or not um however eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a great first step um providing an end-to-end payroll option for your workers globally once again I believe is another huge um procedure again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of companies and reducing the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to 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 five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do companies select to main separate bank accounts there are Papaya Global Not Updateing organizations out there doing exactly this for specific nations and I have actually worked in a business or many companies doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s managing that procedure 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 many reasons one is it’s the standard I believe people have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply 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 actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but ultimately individuals are very stuck with what they’re familiar
with best um modification is a difficult thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping numerous savings account but there’s a substantial quantity of intricacy goes with establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is big but I believe the truthful response is modification um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to track and this method does posture numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise 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 gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Not Updateing