Over the last 5 or six years …Papaya Global Solutions Linkedin… functions on the service provider side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of 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 rather intriguing 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 comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really bleak and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll likewise go over a recap and that needs to leave his time at the extremely really 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 become a growing number of common and handling them ends up being increasingly more intricate Worldwide organizations are wanting to discover Solutions and new ways to improve procedures particularly from a payroll and cross-border payment viewpoint numerous organizations preserve separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain separate savings account often in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying International 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 worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or really very basic there’s no genuine consistency structure we’re residing in a period of tech however payroll has 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 whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the data is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does
it require to be thought about there’s differing 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 allowing us to kind of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m always surprised when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by services throughout the world so once again you’re just aiming to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger a service 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 information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense point of view from an effect viewpoint on workers it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market type of the last 5 to 10 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 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 go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Using the very first International Payments very first payroll payment service is a terrific initial step towards providing a comprehensive payroll service for staff members worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and savings account needed for international payroll are key consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how crucial a function 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 involved in those processes and also so envision sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up 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 check out them and really see what was going on and type of try to return to everyone so carrying on appearance why do companies select to primary different bank accounts there are Papaya Global Solutions Linkedin organizations out there doing exactly this for specific nations and I’ve operated in a company or numerous services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I think people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering however ultimately individuals are really stuck to what they recognize
with best um modification is a hard thing all of us don’t like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining numerous checking account however there’s a huge quantity of complexity goes with setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is big but I think the honest answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually always 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 almost be figured out to be the next Century approximately there is a lot to keep track of and this method does pose numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise 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 better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Solutions Linkedin