Over the last 5 or six years …How To Run Payroll Journal In Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes 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 drizzling here it’s really really uninspiring and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a wrap-up which must leave his time at the extremely extremely 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 Global workforces become more and more typical and handling them ends up being more and more intricate International companies are seeking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have several accounts in different countries does it make sense for companies to maintain different checking account in some cases in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional complexity the international Labor force is currently 3 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s frequently a frustrating number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or really really fundamental there’s no real consistency framework we’re residing 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 often with pen and paper and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of international organizations have 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 because of time reporting poor HCM data information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the essential multiple procedures 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 challenges organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be included ideal and what does
it require to be thought about 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 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 customer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to type of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by organizations throughout the world so once again you’re just looking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely say that the larger an organization 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 groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not always 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 operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from a cost perspective 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 need to be done right it has the most significant destructive effect on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a great first step um providing an end-to-end payroll solution for your employees globally once again I believe is another substantial um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of businesses and lowering 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how essential a function 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine 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 in fact see what was going on and type of try to return to everybody so proceeding look why do companies pick to primary separate checking account there are How To Run Payroll Journal In Papaya Global companies out there doing precisely this for specific countries and I have actually operated in a business or numerous organizations doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing 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 numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing however eventually individuals are really stuck with what they recognize
with best um change is a tough thing all of us do not like change um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining multiple bank accounts but there’s a substantial quantity of intricacy chooses establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is huge but I think the sincere answer is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually constantly 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 understand what could practically be figured out to be the next Century approximately there is a lot to monitor and this approach does posture several obstacles um so Johnny might you tell us about those difficulties 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Run Payroll Journal In Papaya Global