Over the last 5 or 6 years …Papaya Global Froze On Printing Payslipd… functions on the company side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone 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 sunlight is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also review a wrap-up which needs to leave his time at the very really end for a q a session so as the title of the webinar recommends 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 ends up being a growing number of complicated Global organizations are wanting to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment perspective numerous companies maintain different savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different savings account in some cases in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global Labor force is currently 3 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 businesses and growing all doing their own thing around the world in the traditional payroll model there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really standard there’s no genuine consistency framework we’re living in a period of tech however payroll has 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 every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international services have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the essential numerous processes 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 obstacles service face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about 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 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 wherever you look best eventually constructing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 definitely essential and technology is enabling us to sort of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so again you’re just wanting to include a growing number of payments to this already complex landscape so if you kind 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 difficulties or real difficult type of pay utilizes to play to pay people I think yeah I suggest 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 works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect point of view on workers it is absolutely important 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 impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first International Payments very first payroll payment service is an excellent preliminary step towards supplying a detailed payroll solution for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and checking account essential for global payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand how how crucial 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everybody so proceeding look why do business pick to main separate bank accounts there are Papaya Global Froze On Printing Payslipd services out there doing exactly this for specific nations and I’ve operated in a business or lots of companies doing precisely that I can state it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas 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 individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs changing but ultimately individuals are really stuck with what they recognize
with best um modification is a tough thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining numerous checking account however there’s a substantial quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is big but I believe the sincere answer is change um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on 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 technique does position a number of obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise 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 gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Froze On Printing Payslipd