Over the last 5 or six years …Payroll Center Papaya Global Review… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just 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 is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll also discuss a wrap-up which must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them ends up being increasingly more complex Worldwide companies are wanting to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint lots of companies maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain different bank accounts sometimes in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they add additional complexity the worldwide 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 people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll design there’s frequently a frustrating number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or really extremely basic there’s no real consistency structure we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually 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 due to time reporting poor HCM data data entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the required multiple processes 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 difficulties company face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what does not require to be included best and what does
it need to be thought of there’s differing 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble very payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely important that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 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 world puts a high worth on wellness and the payment landscape is ending up being progressively detailed. Companies are constantly introducing new benefits and payment options, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s highly sophisticated period, there’s no justification for keeping cumbersome treatments. Payroll, the business’s biggest expense, need to be processed correctly and on time. Even small hold-ups can adversely affect employees’ well-being and have significant consequences. For that reason, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply 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 absolutely vital that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll solution for your workers worldwide again I believe is another substantial um process again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and lowering the number of tools platforms and bank accounts 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’ve never ever had a hundred thousand of 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 complaints where things haven’t gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh definitely 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 look through them and actually see what was going on and type of shot to return to everyone so carrying on look why do companies select to main different checking account there are Payroll Center Papaya Global Review companies out there doing exactly this for specific countries and I’ve worked in an organization or numerous businesses doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think people have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering but eventually individuals are very stuck to what they’re familiar
with best um modification is a hard thing we all do not like change um so I think it’s simply type 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 multiple checking account however there’s a huge quantity of complexity opts for establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private people so the complexity is big however I think the truthful answer is modification um individuals haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings 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 change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or so there is a lot to track and this approach does position several difficulties um so Johnny might you inform us about those difficulties yeah of course 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 acquired another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Payroll Center Papaya Global Review