Over the last 5 or six years …Papaya Global Version 22… functions on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone 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 very very bleak and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and managing them becomes more and more complicated Worldwide companies are wanting to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective numerous companies maintain different savings account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve different checking account sometimes in various countries it does however 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 procedures of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they include additional intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 world in the standard payroll design there’s typically an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely very fundamental there’s no genuine consistency structure we’re living in an era of tech but payroll has been slow 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 each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global services have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential numerous 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 difficulties company face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s differing Bank information 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link 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 permitting us to type of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by businesses across the world so again you’re simply seeking to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or real difficult sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling 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 need to create additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact point of view on workers it is absolutely important that it’s done properly and on time so what we indicate 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 destructive result on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. Therefore, it is vital to make sure that tasks like Wi-Fi Global and other important matters are done properly. Using the very first International Payments very first payroll payment solution is a fantastic preliminary action towards offering a detailed payroll option for workers worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and savings account necessary for worldwide payroll are essential factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we understand 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 likewise so imagine sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up 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 require days of the week to attempt to check out them and really see what was going on and kind of shot to return to everybody so moving on appearance why do business choose to main different checking account there are Papaya Global Version 22 services out there doing precisely this for specific countries and I’ve worked in a service or numerous businesses doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts 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 standard I believe people have got so utilized to we require a brand-new checking account we open an entity and rightly so you require 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 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 kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually individuals are really stuck to what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I believe it’s simply type 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 obviously the benefits of having preserving several bank accounts however there’s a big quantity of intricacy opts for setting up a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is substantial but I believe the honest response is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be identified 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 obstacles yeah naturally so there’s a variety 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 jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Version 22