Over the last five or 6 years …Papaya Global Payroll Journal Report… functions on the provider side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type 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 everyone comes from and I really 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 very bleak 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 looking at the difficulty years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that must leave his time at the extremely 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 International workforces end up being increasingly more typical and managing them ends up being more and more complex Global organizations are aiming to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have several accounts in different nations does it make sense for business to keep different bank accounts often in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most notably policies compliance data security and banking guidelines then there are the large numbers they add more complexity the international Workforce is presently 3 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 factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or very extremely standard there’s no real consistency framework we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global services have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the needed 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 workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be included right and what does
it require to be considered there’s differing 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 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 any place you look ideal eventually building a knowledge base is definitely important but all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and innovation is permitting 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 Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m always impressed when people state I’ve divided 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 divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is ending up being significantly detailed. Organizations are continually presenting new benefits and payment choices, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s technologically advanced period, there’s no justification for preserving troublesome procedures. Payroll, the company’s greatest cost, should be processed properly and on time. Even small hold-ups can adversely affect staff members’ well-being and have far-reaching repercussions. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll team get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll option for your workers worldwide once again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses 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 regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand 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 simple as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of shot to get back to everyone so moving on look why do companies select to main separate savings account there are Papaya Global Payroll Journal Report services out there doing precisely this for particular nations and I’ve operated in an organization or many organizations doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating 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 ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I think people have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a process that needs looking at it requires changing but ultimately individuals are extremely stuck with what they recognize
with best um change is a hard thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining numerous checking account but there’s a substantial amount of complexity chooses establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is huge however I think the truthful answer is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however 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 moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep an eye on and this approach does present a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you changed 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 Global workers you should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Journal Report