Over the last five or six years …Papaya Global Not Sending Payroll Invoice To Xero… roles on the company side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 raining here it’s very extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep different
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most notably policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the global Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals 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 conventional payroll design there’s often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very really basic there’s no genuine consistency structure we’re living in a period of tech however payroll has been sluggish 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 each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global services have actually revealed 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 because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the wrong location the typical expense of an international 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 do not run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of best and what does
it require to be considered there’s varying Bank details 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 consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely fundamental and innovation is permitting us to type of move forward with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being provided by services across the world so again you’re simply wanting to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay people I think yeah I imply 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 functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they simply 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 working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense point of view from an effect viewpoint on staff members it is definitely vital that it’s done properly 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 greatest harmful result on people’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been astonished entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as 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 Global Payments very first payroll payment solution is a terrific primary step um offering an end-to-end payroll option for your employees internationally once again I think is another big um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and checking account they need for their Global payroll too couldn’t 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 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 indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand 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 everybody that’s involved in those processes and likewise so think of sorry I’m simply 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 make sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t picture 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 shot to get back to everybody so proceeding look why do companies pick to main different checking account there are Papaya Global Not Sending Payroll Invoice To Xero businesses out there doing exactly this for particular countries and I’ve operated in a business or lots of companies doing exactly that I can say it doesn’t always 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 don’t have to and anyone 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 amount that we are I think many factors one is it’s the requirement I believe individuals have got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm 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 many other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it requires altering but ultimately individuals are really stuck to what they recognize
with best um modification is a difficult thing we all do not like change um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving several bank accounts but there’s a big quantity of complexity opts for establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is big however I think the sincere answer is modification um people have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does present several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Not Sending Payroll Invoice To Xero