Over the last 5 or 6 years …Papaya Global Run Payroll… functions on the supplier side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join we all 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 just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll also discuss a wrap-up and that should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them becomes increasingly more complicated International organizations are looking to discover Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have several 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 exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals 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 worldwide in the traditional payroll model there’s often an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really really standard there’s no genuine consistency structure we’re living in an age 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 frequently with pen and paper which simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought about 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 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and financing groups work closer together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry 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 individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is ending up being significantly intricate. Businesses are continually presenting brand-new benefits and payment choices, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically advanced era, there’s no justification for preserving cumbersome procedures. Payroll, the company’s greatest expenditure, need to be processed correctly and on time. Even small hold-ups can adversely impact employees’ wellness and have significant repercussions. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m not 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 staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll solution for your workers globally again I believe is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and checking account they need for their International 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 have actually never had a hundred countless them within a payroll cycle don’t 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 quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how crucial 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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that lots of 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 interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so carrying on look why do companies pick to main separate checking account there are Papaya Global Run Payroll services out there doing precisely this for particular countries and I have actually operated in a company or numerous services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it requires changing however ultimately individuals are very stuck to what they recognize
with right um change is a hard thing all of us do not like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining several bank accounts however there’s a substantial amount of complexity chooses establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is huge however I think the truthful response is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century or two there is a lot to track and this method does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Run Payroll