Over the last 5 or 6 years …Papaya Global Payroll.Com… roles on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give 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 type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up which ought to leave his time at the extremely extremely 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 Global labor forces end up being increasingly more common and managing them becomes more and more complex Global organizations are wanting to find Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment standpoint many organizations maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain separate bank accounts in some cases in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies enhance the episode complex procedures of
making payroll payments precisely effectively safely 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 accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Workforce is currently 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 businesses and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency structure we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of global businesses have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be included 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 nation 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so once again you’re simply wanting to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real difficulties or real tough kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a service 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 details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require 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 difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an effect viewpoint on staff members it is absolutely important 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 harmful result on people’s well-being and many other factors if people aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is essential to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the first Worldwide Payments first payroll payment option is a great preliminary step towards offering a detailed payroll option for employees worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and checking account essential for global payroll are essential factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as planned. Eventually, we do not do it for the appreciation.
anyhow we know how how essential 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 simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t picture 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 actually see what was going on and type of try to return to everyone so carrying on appearance why do companies choose to main different checking account there are Papaya Global Payroll.Com businesses out there doing exactly this for particular countries and I have actually operated in a service or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t have 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 think numerous factors one is it’s the requirement I believe people have got so used to we require a 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 just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires altering however ultimately individuals are extremely stuck with what they’re familiar
with best um change is a tough thing all of us don’t like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving multiple savings account however there’s a substantial quantity of complexity chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is big but I believe the honest response is modification um people haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this method does pose a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll.Com