Over the last five or 6 years …Papaya Global 2 Day Payroll… roles on the service provider side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll likewise go over a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and managing them becomes increasingly more complex Global organizations are wanting to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment perspective lots of companies maintain separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep different checking account sometimes in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the global Workforce is currently three and a half billion people 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 companies and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming variety of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very really fundamental there’s no genuine consistency structure we’re living in an era 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 and that just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in international payroll the less of a picture they see an absence of presence also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global companies have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what does not need to be consisted of 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 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 need to pay from the customer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 technology is permitting us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly amazed 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 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 information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the payment landscape is becoming increasingly elaborate. Businesses are continually introducing brand-new benefits and payment options, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated era, there’s no justification for keeping cumbersome procedures. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even slight delays can negatively impact staff members’ well-being and have far-reaching consequences. Therefore, it’s important to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain 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 employees or not um but ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong 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 also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a terrific primary step um offering an end-to-end payroll option for your staff members globally again I believe is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and minimizing the variety of tools platforms and savings account they need 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 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 don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of try to return to everyone so carrying on appearance why do business choose to primary separate checking account there are Papaya Global 2 Day Payroll services out there doing precisely this for particular nations and I’ve operated in a business or many businesses doing exactly 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 developing extra work for any person where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I believe individuals have got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have taken a look 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 but eventually individuals are really stuck with what they’re familiar
with best um modification is a challenging thing we all do not like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining multiple savings account but there’s a substantial amount of complexity chooses establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private people so the complexity is big but I think the honest response is modification um individuals haven’t had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or so there is a lot to keep track of and this approach does present numerous challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global 2 Day Payroll