Over the last five or six years …Is Papaya Global Payroll Software… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us 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 simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually 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 raining here it’s extremely really dreary and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also go over a recap which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them becomes more and more complicated Worldwide organizations are looking to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment standpoint numerous organizations maintain different savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve different savings account sometimes in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they add further complexity the global Labor force is currently 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 services and growing all doing their own thing around the globe in the conventional payroll model there’s frequently an overwhelming variety of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or really extremely fundamental there’s no genuine consistency structure we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global companies have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors inadequately interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary several processes 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 difficulties company face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not need to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 right ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to sort of progress with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work closer together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 frequently 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 well-being being more and more crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by businesses throughout the world so again you’re just looking to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works 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 but you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from an expense point of view from an impact point of view on workers it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful effect on people’s wellness and many other aspects if people aren’t paid uh I have actually constantly been surprised entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has been informed 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 but eventually payroll is such an important cycle all of us find out 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 stuff is definitely essential that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a fantastic initial step um supplying an end-to-end payroll option for your employees worldwide again I think is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and lowering the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everybody so moving on look why do business pick to main different bank accounts there are Is Papaya Global Payroll Software services out there doing precisely this for particular countries and I’ve operated in a business or lots of companies doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering but ultimately individuals are really stuck to what they’re familiar
with best um change is a difficult thing we all don’t like change um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple checking account but there’s a big amount of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is substantial but I believe the honest response is change um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually 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 know what might almost be identified to be the next Century approximately there is a lot to monitor and this technique does posture a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Is Papaya Global Payroll Software