Over the last five or 6 years …Does Papaya Global Pay My Payroll Taxes… functions on the service provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll likewise go over a wrap-up and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them becomes increasingly more complicated Global companies are looking to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective many companies preserve different checking account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain separate checking account in some cases in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most notably regulations compliance data security and banking rules then there are the large numbers they include more intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating number of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or very really basic there’s no genuine consistency framework we’re living in a period 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 every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong 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 all over the world payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to type of move on with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being provided by services across the world so again you’re simply seeking to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or real challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any business has from a cost point of view from an effect perspective on employees it is definitely important 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 have to be done right it has the most significant harmful result on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only observe when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other vital matters are done correctly. Utilizing the first International Payments first payroll payment solution is a terrific preliminary step towards supplying an extensive payroll option for workers worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account required for worldwide payroll are key factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow 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 everybody that’s associated with those processes and likewise so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everyone so moving on look why do companies choose to primary different bank accounts there are Does Papaya Global Pay My Payroll Taxes organizations out there doing exactly this for particular nations and I have actually worked in a business or lots of organizations doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I think people have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a difficult thing all of us don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving numerous checking account however there’s a big quantity of complexity goes with setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is big but I think the honest answer is modification um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does posture several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Does Papaya Global Pay My Payroll Taxes