Over the last five or six years …How To Move Papaya Global From One Computer To Another… functions on the company side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite 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 comes from and I really 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 really really uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going 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 business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also review a recap and that needs to leave his time at the really very 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 International labor forces end up being more and more common and handling them ends up being a growing number of complicated Global organizations are aiming to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of organizations keep different checking account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate savings account often in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset 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 complex for a range of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they add further complexity the worldwide Workforce 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 individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s typically a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely extremely fundamental there’s no real consistency structure we’re living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization spends on worldwide payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the typical cost 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 around the globe payroll and payments don’t run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a great question I always throw this back and state what is it what does not require to be consisted of 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 nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if however 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 fundamental and innovation is allowing us to sort of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone 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 procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by services across the world so again you’re just looking to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine challenges or genuine tough kind of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely state 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 job there are teams feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from a cost viewpoint from an effect perspective on employees it is absolutely critical that it’s done properly and on time so what we suggest 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 detrimental result on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been astonished entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a terrific initial step um supplying an end-to-end payroll service for your staff members internationally once again I believe is another big um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and reducing the variety of tools platforms and savings account they need for their Global 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how important 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 likewise so think of sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do business select to main different bank accounts there are How To Move Papaya Global From One Computer To Another organizations out there doing precisely this for particular nations and I have actually worked in a company or lots of organizations doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s managing that procedure 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 numerous reasons one is it’s the requirement I think people have got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually 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 numerous other ways um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering but ultimately people are very stuck with what they’re familiar
with ideal um modification is a tough thing we all don’t like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having maintaining multiple savings account however there’s a big quantity of intricacy chooses establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I think the sincere answer is modification um individuals have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides 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 however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this technique does position numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I simply did you changed 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 workers you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you How To Move Papaya Global From One Computer To Another