Over the last 5 or 6 years …Papaya Global Payroll Clio Integration… functions on the service provider side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two 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 fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 very very uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also review a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and handling them becomes more and more intricate Worldwide companies are seeking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint numerous organizations preserve different savings account just for payroll while some have several accounts in various nations does it make sense for business to maintain separate checking account in some cases in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they include more complexity the global Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s often an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency framework we’re residing in an age of tech but 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 every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles 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 included best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals state I have actually 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 divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations across the world so again you’re just wanting to include more and more payments to this currently complex landscape so if you sort 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 obstacles or genuine tough type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense perspective from an impact point of view on staff members it is definitely 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 people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been surprised entering into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been informed 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 workers or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll option for your employees internationally again I think is another big um procedure once again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and checking 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 do not expect 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 indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how crucial 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 everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of 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 envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of shot to get back to everybody so moving on appearance why do companies select to main separate bank accounts there are Papaya Global Payroll Clio Integration companies out there doing exactly this for specific nations and I’ve worked in a service or numerous services doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we do not need to and anyone 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 believe numerous factors one is it’s the requirement I believe people have got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing however eventually people are very stuck to what they recognize
with best um change is a tough thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining multiple checking account but there’s a substantial quantity of intricacy opts for establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is substantial however I believe the truthful answer is modification um people have not had the ability to change or have not had necessarily the understanding to actually 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 understand and there is a component of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose numerous challenges um so Johnny could you inform us about those challenges 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 manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing 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 Clio Integration