Over the last five or 6 years …Does Papaya Global Payroll Have A Mobile App… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating 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 originates from and I actually 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 drizzling here it’s really really gloomy and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they include further 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 further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s typically an overwhelming variety of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really very standard there’s no genuine consistency structure we’re residing in a period of tech however payroll has 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 each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the data is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not need 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 nation there’s payment timespan 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to sort of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody 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 typically 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 essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being offered by services across the world so again you’re just wanting to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense point of view from an impact perspective on workers it is absolutely crucial 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 biggest harmful result on people’s well-being and many other factors if people aren’t paid uh I’ve always been impressed entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has been told 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 staff members or not um but ultimately payroll is such an important cycle we all hear 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll option for your staff members worldwide again I think is another huge um process 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 checking account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 everybody that’s associated with those processes and also so envision sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean 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 try to browse them and really see what was going on and sort of shot to get back to everybody so moving on look why do companies select to primary separate checking account there are Does Papaya Global Payroll Have A Mobile App businesses out there doing exactly this for particular countries and I have actually operated in a business or numerous businesses doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s dealing with 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 lots of factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it requires changing however ultimately individuals are really stuck with what they recognize
with best um change is a challenging thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping several savings account however there’s a big quantity of intricacy goes with establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is huge however I believe the sincere answer is change um people haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to track and this approach does posture numerous obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a change 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 boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Does Papaya Global Payroll Have A Mobile App