Over the last 5 or 6 years …Xero Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also go over a recap which ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and managing them becomes a growing number of complex Global companies are aiming to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective many companies maintain separate savings account just for payroll while some have several accounts in different nations does it make good sense for companies to keep separate checking account in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the global Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s typically a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency framework we’re residing in an era of tech but 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 which simply blows my mind every time I I believe
about it to give you a concept 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 sleep deprived nights and quite frankly the more a service invests in global payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the required multiple procedures 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 challenges organization face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included best and what does
it require to be thought of 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 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 vital however all over you look with payroll payment they resemble incredibly payments no if however some babies 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 recognition that payroll payments are definitely essential and innovation is permitting us to sort of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 often 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 but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the settlement landscape is ending up being increasingly intricate. Services are continually introducing new benefits and payment alternatives, which adds to the general complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly advanced era, there’s no validation for maintaining troublesome treatments. Payroll, the company’s greatest expense, must be processed correctly and on time. Even small delays can adversely impact employees’ well-being and have significant repercussions. Therefore, it’s critical to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your employees worldwide once again I think is another substantial um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and savings account they require for their Worldwide 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 had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
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 procedures and also so imagine sorry I’m simply I was just gon na say 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 discussing hundreds of thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do business choose to primary separate bank accounts there are Xero Papaya Global companies out there doing precisely this for specific countries and I’ve operated in a company or lots of organizations doing exactly that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes 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 gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires altering however ultimately individuals are very stuck to what they recognize
with ideal um change is a tough thing we all don’t like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping numerous checking account however there’s a substantial amount of complexity chooses establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is substantial but I believe the honest response is change um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to track and this approach does position several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Xero Papaya Global