Over the last five or six years …Papaya Global Payroll And Zoho Integration… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really dreary and I wish I was somewhere else at this moment in time all right so let’s get going 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 companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap and that must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and handling them becomes increasingly more complicated International organizations are wanting to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment perspective numerous organizations keep separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain different bank accounts sometimes in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Workforce 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 people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming variety of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very really basic there’s no real consistency framework we’re living in a period of tech but payroll has actually 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 an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the required numerous procedures 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 obstacles organization face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like very 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 absolutely essential and technology is permitting us to type of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to type of the level of complexity there’s more and more advantages being organ or being offered by companies throughout the world so once again you’re simply seeking to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or real difficult kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know 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 need to produce extra handoffs at the same times that we run 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 working in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense point of view from an effect point of view on workers it is absolutely 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 need to be done right it has the most significant destructive impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. For that reason, it is important to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the first Global Payments first payroll payment option is an excellent initial step towards providing a thorough payroll option for staff members worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and bank accounts required for global payroll are key factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as planned. Eventually, we don’t do it for the thankfulness.
anyway we know how how important 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do business choose to main different savings account there are Papaya Global Payroll And Zoho Integration organizations out there doing precisely this for particular countries and I have actually worked in a business or lots of organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think people have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering but ultimately individuals are really stuck with what they recognize
with ideal um change is a challenging thing we all don’t like modification um so I think it’s just type of moving far 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 however there’s a substantial amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big however I think the truthful response is change um individuals have not had the ability to change or haven’t had always 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 understanding you know and there is a component of resistance to change however we’ve constantly 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 understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does posture a number of obstacles um so Johnny might you tell us about those challenges 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 tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Payroll And Zoho Integration