Over the last 5 or six years …Can I Pay Monthly For Papaya Global Payroll… roles on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting 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 everybody comes from and I actually 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 very dreary and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll likewise go over a wrap-up which ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and managing them ends up being a growing number of complicated Worldwide companies are seeking to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment standpoint lots of organizations preserve separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep different bank accounts often in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses 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 nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they add further intricacy the global Labor force is currently 3 and a half billion people 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 businesses and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really really standard there’s no real consistency structure we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the required numerous processes 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 difficulties business face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be included best and what does
it need to be considered there’s differing 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 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 enabling us to kind of move forward with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses throughout the world so again you’re just wanting to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or real tough kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years 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 groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from a cost point of view from an effect point of view on staff members it is absolutely critical that it’s done properly and on time so what we suggest 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 detrimental impact on individuals’s wellness and numerous other elements if people aren’t paid uh I’ve always been surprised entering into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe 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 essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your employees internationally again I think is another big um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of businesses and lowering the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t 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 thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how important 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 also so imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh absolutely 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 attempt to browse them and actually see what was going on and kind of shot to get back to everyone so proceeding look why do companies select to primary different savings account there are Can I Pay Monthly For Papaya Global Payroll companies out there doing exactly this for specific countries and I’ve operated in a business or many companies doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I believe individuals have got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe 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 people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires altering but eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a tough thing we all don’t like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping numerous bank accounts but there’s a substantial quantity of intricacy chooses establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is substantial however I think the truthful response is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or two there is a lot to monitor and this approach does position a number of difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Can I Pay Monthly For Papaya Global Payroll