Over the last 5 or six years …Square Payroll Vs Papaya Global… roles on the provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really 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 challenge years of managing Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a recap which needs to 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 Worldwide workforces become a growing number of typical and managing them becomes more and more complicated International organizations are aiming to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep separate checking account often in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s often a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely basic there’s no real consistency framework we’re living in an age of tech but payroll has actually 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 provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on global payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included right and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 anywhere you look right eventually building a knowledge base is absolutely crucial however everywhere 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 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 technology is allowing us to sort of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is becoming progressively elaborate. Companies are continuously introducing brand-new advantages and payment choices, which adds to the general complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technically sophisticated age, there’s no validation for preserving troublesome treatments. Payroll, the business’s biggest expense, need to be processed properly and on time. Even slight hold-ups can adversely impact workers’ wellness and have significant consequences. Therefore, it’s critical to prioritize precise and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 correctly so leveraging the first International Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll service for your staff members internationally once again I think is another big um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how important 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 everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and kind of try to get back to everyone so carrying on appearance why do companies choose to primary different checking account there are Square Payroll Vs Papaya Global organizations out there doing precisely this for specific nations and I’ve operated in an organization or lots of services doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and anybody that’s dealing with that procedure 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 factors one is it’s the standard I believe individuals have got so used to we require a new savings account we open an entity and rightly 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 simply been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing but eventually individuals are very stuck with what they’re familiar
with ideal um change is a difficult thing all of us don’t like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining numerous bank accounts however there’s a huge quantity of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge however I believe the truthful response is change um individuals have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to track and this method does posture numerous obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Square Payroll Vs Papaya Global