Over the last five or six years …Can Papaya Global Payroll… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 very extremely gloomy and I want 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 looking at the difficulty years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise review a wrap-up and that needs to leave his time at the really really 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 increasingly more typical and handling them becomes a growing number of complex Global organizations are seeking to find Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment perspective numerous organizations maintain separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve different savings account often in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business enhance the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance information security and banking rules then there are the large numbers they add more intricacy the worldwide Workforce is presently 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 often a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really really fundamental there’s no genuine consistency framework we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it require 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to type of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I’m constantly impressed when individuals state I’ve 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 divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations across the world so once again you’re simply looking to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense perspective from an impact perspective on employees it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive result on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve always been astonished entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally too. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other essential matters are done correctly. Using the very first Global Payments first payroll payment option is an excellent preliminary action towards offering a detailed payroll service for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account essential for international payroll are crucial consider attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we understand 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 involved in those procedures and likewise so envision sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of try to get back to everybody so proceeding appearance why do business pick to primary different bank accounts there are Can Papaya Global Payroll organizations out there doing precisely this for particular countries and I have actually operated in a company or lots of organizations doing precisely that I can state it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and any person that’s handling 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 amount that we are I think many reasons one is it’s the standard I think people have actually got so utilized to we require a new bank 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 think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are really stuck to what they recognize
with best um change is a hard thing we all do not like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping numerous savings account however there’s a huge amount of complexity chooses establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is substantial however I believe the honest answer is modification um individuals have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does pose a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Can Papaya Global Payroll