Over the last five or six years …Papaya Global Payroll Time… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so 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 just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also 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 Worldwide labor forces become a growing number of typical and handling them ends up being a growing number of complicated Global companies are aiming to find Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment viewpoint numerous organizations preserve separate checking account just for payroll while some have multiple accounts in various nations does it make sense for business to keep different checking account in some cases in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance information security and banking rules then there are the large numbers they add additional intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming number of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very extremely standard there’s no real consistency structure we’re residing in a period of tech but payroll has actually been sluggish 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 every time I I believe
about it to offer 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 offers me sleepless nights and rather frankly the more a company invests in international payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the necessary numerous processes systems and partners it is simply 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 making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be considered there’s varying 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and innovation is permitting us to type of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the settlement landscape is becoming progressively elaborate. Companies are continuously presenting new advantages and payment options, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s highly sophisticated age, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even small delays can negatively affect workers’ well-being and have significant repercussions. Therefore, it’s critical to prioritize accurate and prompt payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. For that reason, it is vital to make sure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first Worldwide Payments first payroll payment service is a great preliminary action towards offering an extensive payroll service for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts needed for global payroll are crucial consider accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we understand how how important 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 associated with those processes and also so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely 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 try to browse them and really see what was going on and kind of shot to return to everybody so moving on look why do companies choose to primary separate bank accounts there are Papaya Global Payroll Time services out there doing precisely this for specific countries and I have actually operated in a service or many businesses doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and anyone that’s managing that procedure 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 believe numerous reasons one is it’s the standard I think individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it needs changing however eventually people are very stuck with what they recognize
with best um change is a hard thing we all do not like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving numerous savings account but there’s a substantial amount of complexity opts for setting up a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is huge but I think the sincere answer is change um individuals haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does present a number of difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply 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 employees you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Time