Over the last 5 or 6 years …Papaya Global Payrolling… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody 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 is 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 want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also review a recap which 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more common and managing them becomes more and more complicated Global companies are seeking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint lots of organizations keep separate bank account just for payroll while some have several accounts in various nations does it make good sense for business to keep different bank accounts in some cases in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs 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 hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they include more complexity the international Workforce is currently 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 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 worldwide in the traditional payroll design there’s often an overwhelming number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very extremely standard there’s no real consistency framework we’re residing in an age 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 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 just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on worldwide payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be included right and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if but some infants 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 recognition that payroll payments are definitely fundamental and innovation is enabling us to kind of move on with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone 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 a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being used by businesses across the world so once again you’re simply looking to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or real challenging type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect perspective on workers it is definitely 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 have to be done right it has the biggest destructive result on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve always been amazed entering into this Market type of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally as well. Therefore, it is important to make sure that tasks like Wi-Fi International and other vital matters are done properly. Using the first Worldwide Payments very first payroll payment service is a great initial step towards supplying a detailed payroll option for employees worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account essential for worldwide payroll are essential consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how important a role 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 involved in those procedures and also so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that numerous 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 certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do business pick to primary separate bank accounts there are Papaya Global Payrolling businesses out there doing exactly this for specific countries and I have actually worked in a service or many businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and any person that’s dealing with 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 quantity that we are I believe many factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new checking account we open an entity and rightly 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 requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it requires altering however eventually people are extremely stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining numerous checking account but there’s a huge quantity of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful response is modification um people haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this technique does present numerous obstacles um so Johnny might you inform us about those difficulties 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 jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Payrolling