Over the last 5 or six years …How Much More Is Papaya Global For Over 15 Employees… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply 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 remains 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 really really uninspiring and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up which should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and managing them ends up being increasingly more complicated Global companies are looking to discover Solutions and new methods to enhance procedures especially from a payroll and cross-border payment viewpoint many companies keep different checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve different savings account often in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 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 standard payroll design there’s typically a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very fundamental there’s no real consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply 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 only 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they depend on the essential multiple processes 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 organization face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 client’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is definitely critical however all over 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 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 definitely fundamental and innovation is allowing us to kind of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m always impressed when people 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 split the payroll payment from estimation I would say no so why do we as a market 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 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 reside in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by organizations throughout the world so again you’re simply looking to include increasingly more payments to this currently 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 tough type of pay uses to play to pay individuals I believe yeah I indicate 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 works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really 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 understand long gone are the times where we require to create extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost point of view from an impact viewpoint on workers it is definitely crucial that it’s done correctly and on time so what we indicate 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 individuals’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been amazed entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however 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 just a tick box exercise 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 crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll service for your workers globally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless 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 haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and kind of try to return to everyone so carrying on appearance why do business choose to primary separate bank accounts there are How Much More Is Papaya Global For Over 15 Employees organizations out there doing exactly this for particular countries and I’ve worked in a service or numerous businesses doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I think individuals have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they recognize
with best um change is a hard thing we all do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving several checking account but there’s a substantial amount of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is big but I believe the honest response is modification um people have not been able to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe 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 real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep track of and this approach does position several challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. How Much More Is Papaya Global For Over 15 Employees