Over the last 5 or six years …How To Delete Company On Papaya Global… roles on the company side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well among 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 rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes 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 drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up which should leave his time at the very very 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 International workforces become a growing number of common and handling them ends up being more and more complex International organizations are looking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint lots of companies preserve different checking account just for payroll while some have several accounts in various countries does it make good sense for business to maintain separate checking account sometimes in various countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide 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 Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance information security and banking rules then there are the large numbers they include more intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 globe in the standard payroll model there’s often a frustrating variety of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely very standard there’s no real consistency structure we’re living in an age 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 frequently with pen and paper and that just blows my mind every time 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 Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international services have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the essential several processes 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 business face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to type of the level of complexity there’s more and more benefits being organ or being provided by organizations across the world so once again you’re simply seeking to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or real tough kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions 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 managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs at the same times 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 a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost point of view from an impact perspective on employees it is definitely important 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 need to be done right it has the most significant harmful impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. Therefore, it is important to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a fantastic initial step towards offering a thorough payroll service for employees worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account required for worldwide payroll are crucial consider attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we know how how essential 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 simple as possible for everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and type of shot to get back to everyone so carrying on look why do business select to primary separate checking account there are How To Delete Company On Papaya Global services out there doing exactly this for particular countries and I’ve worked in a business or many organizations doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s handling 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 lots of reasons one is it’s the standard I believe individuals have got so used 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 number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing however eventually individuals are extremely stuck with what they’re familiar
with best um change is a hard thing all of us 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 lot of track of things um I comprehend obviously the benefits of having maintaining multiple checking account but there’s a substantial amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is big however I believe the sincere answer is change um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking 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 alter but we have actually constantly done it that way is no genuine excuse 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 or two there is a lot to keep track of and this approach does pose several challenges um so Johnny could you inform us about those difficulties 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you How To Delete Company On Papaya Global