Over the last five or six years …Does Papaya Global Payroll Give A Transaction Number For Dd… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates 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 drizzling here it’s really very bleak and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that should 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 International labor forces end up being increasingly more common and handling them ends up being increasingly more intricate Worldwide companies are looking to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment perspective numerous organizations preserve separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain separate checking account in some cases in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency structure we’re residing in an era of tech but payroll has actually been sluggish 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 give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it require to be thought of 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 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 customer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of move on with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being provided by businesses across the world so once again you’re simply looking to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or real tough type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times 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 an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect point of view on employees it is absolutely crucial that it’s done correctly 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 greatest harmful impact on people’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe 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 definitely 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 supplying an end-to-end payroll option for your workers globally again I believe is another substantial um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of businesses and reducing the variety of tools platforms and savings account they require 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 ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know 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 easy as possible for everyone that’s associated with those processes and also so think of sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean 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 need days of the week to attempt to look through them and in fact see what was going on and type of try to get back to everyone so moving on appearance why do business choose to main different savings account there are Does Papaya Global Payroll Give A Transaction Number For Dd organizations out there doing precisely this for particular nations and I have actually worked in a business or lots of services doing precisely that I can state it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s dealing with that process 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 believe numerous reasons one is it’s the standard I think individuals have got so used to we need a new savings 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 simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have 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 variety I think this is a process that requires looking at it requires altering but ultimately individuals are extremely stuck to what they recognize
with right um change is a tough thing all of us do not like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple savings account however there’s a big quantity of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the complexity is substantial but I think the honest response is change um individuals have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this method does position numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Does Papaya Global Payroll Give A Transaction Number For Dd