Over the last 5 or 6 years …Review Of Papaya Global Payroll… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a recap which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them ends up being increasingly more intricate Global companies are wanting to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of companies keep separate checking account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve separate bank accounts in some cases in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services 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 time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency structure we’re residing 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 simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they count on the required 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 obstacles company face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be included right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and technology is allowing us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re simply seeking to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or real difficult kind of pay uses to play to pay individuals I believe yeah I imply 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 works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from an expense point of view from an impact viewpoint on employees it is absolutely critical that it’s done correctly 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 damaging effect on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 stuff is definitely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll solution for your employees worldwide once again I think is another huge um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of organizations and reducing the number of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how essential a role 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean 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 require days of the week to try to look through them and in fact see what was going on and kind of try to get back to everyone so proceeding look why do business choose to primary separate savings account there are Review Of Papaya Global Payroll organizations out there doing exactly this for specific countries and I’ve operated in a company or many companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have 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 lots of reasons one is it’s the standard I think individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions 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 the people have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering but ultimately individuals are extremely stuck with what they recognize
with best um modification is a challenging thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining several savings account however there’s a huge amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is substantial however I think the sincere answer is modification um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this approach does present 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 simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Review Of Papaya Global Payroll