Over the last 5 or six years …What Is Director Table Method In Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes 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 drizzling here it’s really very bleak and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them ends up being more and more intricate International companies are looking to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies preserve separate savings account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain different checking account often in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include more complexity the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people 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 all over the world in the traditional payroll model there’s typically an overwhelming number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely basic there’s no real consistency framework we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically 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 state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide businesses have actually 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 due to time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the average expense 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 depend on the essential numerous 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 service face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be consisted of right and what does
it need 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 time frames there’s payment capabilities so can you pay it from International or do you need 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 ideal ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to type of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s more and more advantages being organ or being provided by businesses across the world so once again you’re simply wanting to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we operate in they just make them more timely 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 working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any business has from a cost perspective from an effect point of view on staff members it is absolutely critical 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 need to be done right it has the most significant destructive result on individuals’s wellness and lots of other elements if individuals aren’t paid uh I have actually always been surprised coming into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind 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 employees or not um however ultimately payroll is such an essential 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 just a tick box workout and I think 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 important that all of this things is done properly so leveraging the first International Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your employees internationally once again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and lowering the variety of tools platforms and checking account they need 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’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how important 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 everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply 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 discussing hundreds of thousands potentially Millions envision 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 but it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of try to get back to everybody so moving on appearance why do business pick to primary different checking account there are What Is Director Table Method In Papaya Global businesses out there doing precisely this for specific countries and I’ve operated in a service or lots of companies doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and anybody that’s dealing with 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 think numerous reasons one is it’s the requirement I believe people have got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing however eventually individuals are extremely stuck with what they’re familiar
with best um change is a tough thing all of us don’t like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping numerous checking account however there’s a huge quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge but I believe the sincere response is change um people haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or so there is a lot to monitor and this method does present a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just did you changed our Business 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 International staff members you are worthy of a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you What Is Director Table Method In Papaya Global