Over the last 5 or 6 years …Xero Papaya Global Payroll… roles on the service provider side and likewise on the supplier side from a payroll perspective so really 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 couple of uh well one of 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 very very gloomy and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a wrap-up and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and handling them ends up being a growing number of intricate International companies are looking to discover Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint many companies maintain separate checking account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate savings account often in various countries it does however 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 companies streamline the episode complex procedures of
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance data security and banking rules then there are the large numbers they include additional intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there’s often a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency structure we’re residing in an age 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 often with pen and paper and that just blows my mind every 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 organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be consisted of right and what does
it require to be thought of there’s varying Bank details 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 allowing us to type of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so again you’re simply aiming to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age 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 appropriately as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect point of view on staff members it is absolutely critical 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 biggest damaging effect on people’s wellness and many other factors if people aren’t paid uh I’ve constantly been astonished coming into this Market type of the last five to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. Therefore, it is essential to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment solution is a fantastic preliminary step towards providing a detailed payroll solution for workers worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and bank accounts essential for international payroll are crucial consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyway we know how how important a role 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 everybody that’s associated with those processes and also so envision sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that many 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 absolutely be an interesting job attempting to clean all those up for sure oh definitely 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 check out them and in fact see what was going on and type of shot to return to everybody so carrying on look why do business select to primary separate bank accounts there are Xero Papaya Global Payroll organizations out there doing exactly this for particular nations and I’ve operated in an organization or many companies doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I think people have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it requires changing but ultimately people are really stuck with what they recognize
with ideal um change is a hard thing we all don’t like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining numerous checking account but there’s a huge amount of complexity goes with setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is big but I think the sincere answer is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or so there is a lot to track and this approach does present several difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Xero Papaya Global Payroll