Over the last five or 6 years …Does Papaya Global Monitor Holidayd… functions on the supplier side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays 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 everybody 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 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 extremely bleak and I want 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 managing Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll likewise discuss a recap and that ought 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 Global labor forces become a growing number of typical and managing them becomes a growing number of intricate International companies are looking to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint many organizations maintain separate savings account just for payroll while some have several accounts in various countries does it make sense for business to keep separate savings account sometimes in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely very standard there’s no real consistency framework we’re living 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 frequently with pen and paper and that just 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 just 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global services have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be consisted of best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like super payments no if however some infants 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 recognition that payroll payments are definitely fundamental and innovation is enabling us to sort of progress with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m always astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to add to kind of the level of intricacy there’s more and more benefits being organ or being used by businesses throughout the world so once again you’re simply seeking to include a growing number of payments to this currently complicated landscape so if you sort 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 difficulties or real difficult type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and a period 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 concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense point of view from an effect point of view on workers it is absolutely important that it’s done properly and on time so what we indicate 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 harmful result on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been amazed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just discover when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. Therefore, it is important to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first Worldwide Payments very first payroll payment solution is a great initial action towards offering an extensive payroll service for staff members worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and checking account required for worldwide payroll are key factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how essential a role 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine 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 however it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do business select to main separate checking account there are Does Papaya Global Monitor Holidayd services out there doing precisely this for specific countries and I’ve operated in an organization or many companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have 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 amount that we are I believe lots of reasons one is it’s the standard I believe people have got so utilized to we need a new savings 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 believe it’s simply been the requirement and the standard the people have actually embraced 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 lots of other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it needs changing but eventually people are really stuck to what they’re familiar
with right um modification is a hard thing all of us do not like modification 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 things um I understand clearly the advantages of having maintaining multiple bank accounts however there’s a huge quantity of complexity opts for setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is substantial however I believe the honest answer is modification um people haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly 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 might almost be determined to be the next Century approximately there is a lot to monitor and this technique does pose several difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I 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 gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Does Papaya Global Monitor Holidayd