Over the last 5 or six years …Papaya Global For Payroll Reviews… roles on the company side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort 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 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 extremely 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 taking a look at the challenge years of managing Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll also go over a wrap-up which needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them becomes a growing number of complicated International organizations are wanting to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint lots of companies keep separate savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to maintain different checking account sometimes in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s frequently a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or really very basic there’s no real consistency framework we’re residing in an age 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 which just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the information is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of right and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and innovation is permitting us to type of move on with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 people 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 sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations throughout the world so once again you’re just seeking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost perspective from an effect point of view on staff members it is absolutely vital that it’s done properly and on time so what we mean 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 harmful result on people’s wellness and many other elements if individuals aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll solution for your staff members internationally again I believe is another big um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and checking account they need 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 don’t 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 suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job 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 need days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everybody so moving on look why do companies choose to main different savings account there are Papaya Global For Payroll Reviews businesses out there doing exactly this for particular nations and I’ve operated in a company or many businesses doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not need to and anyone 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 factors one is it’s the standard I think individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number 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 contribute to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing however ultimately people are very stuck with what they recognize
with ideal um modification is a difficult thing we all do not like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping multiple savings account but there’s a substantial quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge but I think the sincere response is change um people have not had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched our Enterprise 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 Worldwide workers you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global For Payroll Reviews