Over the last five or six years …Papaya Global Won\’t Update Due To Admin Rights… functions on the company side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and handling them becomes a growing number of intricate Worldwide companies are looking to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint lots of organizations preserve separate bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve separate bank accounts often in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business improve the episode complex processes of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no real consistency framework we’re residing in a period 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 typically with pen and paper which just blows my mind every time I I think
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 gives me sleep deprived nights and quite honestly the more a business invests in global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide organizations have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of there’s varying 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 abilities 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 complexity wherever you look right ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance groups work more detailed together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation 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 people wherever they are however also 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 type of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re simply looking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger 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 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 always need to be the case you understand long gone are the times where we need to create additional 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 need to be in in an age of tech and a period 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 rightly as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an impact perspective on employees it is definitely vital 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 greatest detrimental impact on individuals’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been surprised entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 vital that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll solution for your employees internationally again I think is another huge um procedure again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of organizations and decreasing the number of tools platforms and savings account they require for their Global 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how important 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 everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to return to everyone so proceeding look why do companies pick to main separate bank accounts there are Papaya Global Won\’t Update Due To Admin Rights businesses out there doing exactly this for particular nations and I have actually worked in a business or many businesses doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anybody 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 believe many reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced 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 kind of do it so I think there’s a range I think this is a process that requires taking a look at it needs altering however ultimately people are really stuck to what they recognize
with right um modification is a tough thing all of us don’t like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having keeping several bank accounts however there’s a huge quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is big however I think the sincere answer is change um individuals have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century approximately there is a lot to track and this approach does pose a number of obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I 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 acquired another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Won\’t Update Due To Admin Rights