Over the last 5 or 6 years …Papaya Global Payroll How Long To Process… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody 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 raining here it’s extremely really bleak and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll likewise review a wrap-up which must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and handling them ends up being a growing number of intricate International companies are aiming to find Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment perspective many organizations keep different checking account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain different savings account sometimes in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how simplifying Global 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 worldwide it’s next level and Beyond it ends up being complex for a variety of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they include further intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 around the globe in the conventional payroll model there’s often a frustrating variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or really extremely standard there’s no genuine consistency framework we’re residing 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 frequently with pen and paper and that simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses have actually expressed that they don’t 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 poor HCM data data entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the required several procedures 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 challenges company face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what does not need to be included best and what does
it require to be thought of 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 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 complexity any place you look right ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like super payments no if however some infants 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 absolutely fundamental and innovation is allowing us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so once again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real challenges or real tough sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups 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 need to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from an expense perspective from an effect perspective on workers it is definitely 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 need to be done right it has the biggest harmful impact on people’s well-being and many other aspects if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has been told 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 staff members or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think 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 important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll solution for your workers worldwide again I believe is another big um process once again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of organizations and minimizing the variety of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do companies select to main different bank accounts there are Papaya Global Payroll How Long To Process services out there doing exactly this for particular nations and I’ve worked in a company or many organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s dealing with 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 believe numerous reasons one is it’s the standard I believe people have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs altering but eventually individuals are extremely stuck to what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping multiple bank accounts but there’s a substantial quantity of complexity opts for establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is huge however I believe the honest response is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll How Long To Process