Over the last 5 or 6 years …Does Papaya Global Payroll Integrate With Papaya Global… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so 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 currently 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 really extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise review a wrap-up which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and managing them becomes increasingly more intricate International companies are looking to discover Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment standpoint lots of companies maintain different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain separate savings account often in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business simplify the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the worldwide 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 factor in 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 often an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really very standard 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 typically with pen and paper which just blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses 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 errors are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be consisted of best and what does
it require to be thought of there’s varying 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to kind of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being used by companies across the world so again you’re simply aiming to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or real challenging sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run 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 age of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact point of view on employees it is absolutely crucial 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 impact on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been amazed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been informed 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 staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a great initial step um supplying an end-to-end payroll service for your workers globally again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and savings account they need 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 have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how important a function 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 involved in those processes and likewise so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely 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 look through them and actually see what was going on and kind of shot to return to everybody so moving on look why do companies pick to primary separate bank accounts there are Does Papaya Global Payroll Integrate With Papaya Global organizations out there doing precisely this for specific nations and I have actually operated in an organization or many organizations doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and anybody that’s handling 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 believe many factors one is it’s the standard I believe people have actually got so utilized to we need 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 simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it requires altering however eventually people are really stuck with what they recognize
with ideal um modification is a difficult thing all of us do not like modification um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping multiple bank accounts however there’s a big amount of complexity goes with setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is huge however I think the sincere response 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 other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or two there is a lot to monitor and this approach does present a number of difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Enterprise 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 International workers you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Integrate With Papaya Global