Over the last five or 6 years …Papaya Global Termination Payroll Direct Deposit… functions on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind 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 sort of like see where everyone originates from and I really do hope it’s much sunnier than it is 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 very dreary and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll also go over a recap and that must leave his time at the very extremely 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 Worldwide labor forces end up being increasingly more common and handling them ends up being a growing number of complicated Global organizations are looking to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of organizations maintain separate savings account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain separate checking account in some cases in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate 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 difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 worldwide in the traditional payroll design there’s often a frustrating variety of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really extremely standard there’s no genuine consistency framework we’re living in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each 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 say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in international payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global businesses 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 mistakes are because of time reporting poor HCM information information entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of best 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 country there’s payment timespan 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 consumer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of move forward with that it likewise also 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 necessary that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming progressively complex. Services are continuously presenting brand-new benefits and payment alternatives, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically sophisticated era, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s biggest expense, should be processed properly and on time. Even slight hold-ups can negatively impact staff members’ wellness and have significant consequences. Therefore, it’s important to prioritize precise and prompt payments.
payroll group get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 properly so leveraging the very first International Payments very first payroll payment solution is a fantastic initial step um providing an end-to-end payroll option for your staff members globally once again I believe is another huge um process once again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of services and reducing the number of tools platforms and savings account they require for their International 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 processes and likewise so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating 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 held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to return to everybody so proceeding appearance why do companies select to primary separate bank accounts there are Papaya Global Termination Payroll Direct Deposit organizations out there doing precisely this for specific countries and I have actually worked in a company or numerous companies doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think people have actually got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but eventually people are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining numerous savings account however there’s a substantial quantity of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big but I think the sincere response is change um people have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century approximately there is a lot to keep track of and this approach does position a number of obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Termination Payroll Direct Deposit