Over the last five or 6 years …Boost Compliance And Efficiency On A Budget With Papaya Global… roles on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide 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 rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates 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 very very bleak and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also discuss a recap which needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of typical and managing them becomes a growing number of complicated Global companies are looking to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment standpoint lots of organizations keep separate checking account just for payroll while some have several accounts in various nations does it make sense for companies to maintain different bank accounts in some cases in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or really very basic there’s no genuine consistency structure we’re living in an age 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 which just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be included best and what does
it require to be thought about 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely critical however everywhere 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 look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you walk 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 data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the payment landscape is ending up being significantly intricate. Services are constantly introducing new advantages and payment alternatives, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically innovative era, there’s no reason for preserving troublesome procedures. Payroll, the business’s most significant cost, must be processed properly and on time. Even minor delays can adversely affect workers’ well-being and have significant effects. Therefore, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all hear about it when it goes wrong 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a great primary step um offering an end-to-end payroll option for your staff members internationally again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and checking account they require for their International 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how essential a role 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 simple as possible for everybody that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everybody so proceeding appearance why do companies select to primary separate savings account there are Boost Compliance And Efficiency On A Budget With Papaya Global services out there doing exactly this for specific countries and I have actually worked in a business or lots of organizations doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have 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 quantity that we are I believe numerous reasons one is it’s the requirement I think individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that needs looking at it requires altering however eventually people are extremely stuck to what they’re familiar
with right um change is a tough thing we all do not like modification 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 undoubtedly the benefits of having keeping numerous bank accounts but there’s a substantial amount of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is huge however I think the truthful answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or so there is a lot to monitor and this technique does pose numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Boost Compliance And Efficiency On A Budget With Papaya Global