Over the last 5 or six years …Papaya Global Payroll Accountant… roles on the service provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up which must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and handling them becomes more and more complex Worldwide organizations are seeking to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment viewpoint numerous companies maintain separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain different bank accounts in some cases in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance data security and banking guidelines then there are the large numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s often an overwhelming variety of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no real consistency structure we’re residing in an age of tech but 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 simply blows my mind whenever 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 say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide services have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be thought of there’s varying 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if however some children 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 acknowledgment that payroll payments are definitely fundamental and technology is enabling us to kind of progress with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so once again you’re just aiming to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or real challenging sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely say that the larger a company 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 teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less effective 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 why we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense perspective from an effect viewpoint on employees it is absolutely important 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 biggest detrimental result on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve constantly been impressed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only discover when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. For that reason, it is essential to make sure that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first International Payments first payroll payment option is a terrific initial step towards offering a comprehensive payroll option for staff members worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and checking account necessary for global payroll are key factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we know how how important a role 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 everybody that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everyone so moving on look why do business choose to main different savings account there are Papaya Global Payroll Accountant services out there doing exactly this for specific nations and I have actually worked in a service or many companies doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s handling that procedure 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 lots of factors one is it’s the standard I think people have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires altering but ultimately individuals are extremely stuck with what they recognize
with right um change is a difficult thing we all do not like change um so I believe it’s simply kind 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 undoubtedly the benefits of having preserving several savings account however there’s a substantial amount of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is huge but I believe the sincere response is change um people haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to track and this technique does pose several difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a change to our Business 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 actually gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Payroll Accountant