Over the last five or six years …Where Is The Nominal Ledger In Papaya Global… functions on the company side and also on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which needs to leave his time at the really extremely 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 International workforces end up being a growing number of common and managing them becomes a growing number of intricate Global companies are looking to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective lots of organizations preserve different savings account just for payroll while some have several accounts in various countries does it make good sense for business to keep different bank accounts often in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s frequently a frustrating number of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely standard there’s no genuine consistency framework we’re living in a period 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 typically with pen and paper and that simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on global payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of global companies have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the needed multiple 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 organization face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be included ideal and what does
it need to be considered there’s differing 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 client’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if but some children 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 acknowledgment that payroll payments are definitely basic and innovation is permitting us to kind of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to kind of the level of complexity there’s more and more benefits being organ or being provided by organizations throughout the world so once again you’re simply wanting to include more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really 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 know long gone are the times where we require 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 don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect point of view on workers it is absolutely crucial 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 need to be done right it has the most significant destructive result on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually always been astonished entering this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it fails but 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 absolutely essential that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll option for your workers worldwide again I believe is another huge um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and savings account they need for their Global payroll too couldn’t 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 five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyway 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 also so envision sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that numerous 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 certainly be a fascinating job trying to clean up 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 require days of the week to try to check out them and in fact see what was going on and sort of try to get back to everyone so moving on appearance why do companies select to primary different checking account there are Where Is The Nominal Ledger In Papaya Global organizations out there doing exactly this for specific nations and I have actually operated in a company or many organizations doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and anybody that’s handling 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 think many 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 rightly so you need it for payroll purposes 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 the people have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but eventually people are really stuck to what they recognize
with right 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 norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping multiple savings account but there’s a substantial amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big but I believe the truthful response is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this method does posture several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Where Is The Nominal Ledger In Papaya Global