Over the last 5 or 6 years …Payroll Schedule Papaya Global… roles on the provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join all of us 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 already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 very very uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that ought 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them ends up being increasingly more complex International organizations are seeking to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment perspective numerous organizations keep different savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to maintain different savings account often in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Labor force is currently three 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 all over the world in the traditional payroll model there’s typically a frustrating number of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or really really standard there’s no real consistency framework we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the needed numerous processes 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 obstacles business face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included right and what does
it require 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 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 customer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it also too to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals say I’ve split 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 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 process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re just aiming to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine tough sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however 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 require to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on staff members it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful effect on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is a terrific first step um offering an end-to-end payroll option for your workers globally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and savings 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not 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 involved in those procedures and also so picture sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting 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 was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies choose to primary different bank accounts there are Payroll Schedule Papaya Global services out there doing precisely this for particular countries and I have actually operated in a business or numerous businesses doing precisely that I can say it doesn’t always 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 do not need to and any person 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 quantity that we are I believe numerous factors one is it’s the requirement I think individuals have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it requires changing but eventually individuals are really stuck with what they recognize
with ideal um change is a difficult thing all of us do not like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining multiple savings account however there’s a big amount of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is huge but I believe the honest answer is modification um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or so there is a lot to monitor and this method does posture a number of challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Payroll Schedule Papaya Global