Over the last 5 or six years …Can My Accountant Access My Papaya Global… functions on the company side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone 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 these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise go over a recap which ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them ends up being a growing number of complex Worldwide companies are looking to find Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment perspective many organizations preserve different bank account just for payroll while some have several accounts in different nations does it make sense for business to keep different bank accounts sometimes in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments properly 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 checking account how companies accurately forecast their payroll expenses to increase working capital and how enhancing 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 ends up being complex for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 conventional payroll design there’s typically a frustrating variety of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really really standard there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to provide 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 provides me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the needed multiple 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 obstacles company face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be included right and what does
it need to be thought of there’s varying Bank details 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 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 right ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and innovation is allowing us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to add to type of the level of complexity there’s increasingly more advantages being organ or being used by businesses across the world so once again you’re just seeking to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real difficulties or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact perspective on employees it is definitely vital 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 damaging effect on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a great initial action towards supplying a comprehensive payroll solution for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and savings account needed for international payroll are key factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
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 associated with those processes and likewise so think of sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and type of shot to get back to everybody so moving on appearance why do companies select to primary separate bank accounts there are Can My Accountant Access My Papaya Global organizations out there doing precisely this for particular nations and I’ve worked in a business or lots of services doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anybody 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 amount that we are I think many factors one is it’s the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute 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 procedure that needs taking a look at it requires changing but ultimately people are extremely stuck to what they recognize
with right um modification is a hard thing all of us don’t like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having preserving several savings account but there’s a substantial amount of intricacy chooses establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is big but I think the sincere response is modification um individuals haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or two there is a lot to track and this approach does posture a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Can My Accountant Access My Papaya Global