Over the last five or 6 years …How To Link Papaya Global To Sage 50 Accounts… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple 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 sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap which needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them becomes more and more intricate Global organizations are seeking to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment perspective many organizations preserve separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve different savings account in some cases in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most notably guidelines compliance data security and banking guidelines then there are the large numbers they add additional intricacy the global Labor force is currently 3 and a half billion people 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 factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design 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 amounts and or very extremely fundamental there’s no genuine consistency framework we’re living in a period of tech but 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 simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in international payroll the less of a picture they see an absence of presence also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors badly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included best and what does
it need to be thought about there’s varying Bank information 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if but some children 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 think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to kind of move forward with that it also too to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation 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 information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so once again you’re simply seeking to include more and more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or real tough type of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run 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 age that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact viewpoint on staff members it is absolutely important that it’s done correctly and on time so what we mean 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 impact on individuals’s wellness and numerous other elements if people aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll option for your workers worldwide once again I think is another huge um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and decreasing the number of tools platforms and checking account they need for their International 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 countless them within a payroll cycle don’t expect 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 think any of us are really doing that for for the thanks
anyhow we know how how crucial 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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision 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 an intriguing job trying to clean 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 check out them and actually see what was going on and kind of try to return to everyone so carrying on appearance why do companies pick to main different bank accounts there are How To Link Papaya Global To Sage 50 Accounts businesses out there doing exactly this for particular nations and I’ve operated in a business or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s dealing with 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 many factors one is it’s the requirement I believe people have got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it requires changing but ultimately people are very stuck with what they’re familiar
with right um change is a hard thing we all don’t like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having maintaining several savings account but there’s a big amount of complexity chooses establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is big but I believe the truthful response is change um individuals haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to monitor and this method does present numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I simply did you switched 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 deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you How To Link Papaya Global To Sage 50 Accounts