Over the last five or six years …How Do I Get The Papaya Global Payroll Dates Corrected… roles on the company side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide 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 sort of let them do that so it ‘d be quite interesting 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 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 extremely very gloomy and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them ends up being increasingly more intricate International companies are seeking to find Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment standpoint lots of companies maintain separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep different checking account sometimes in various countries it does however just for payroll is there 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 accurately effectively securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 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 around the world in the conventional payroll design there’s often an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or really very basic there’s no real consistency structure we’re living in a period 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 just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on global payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international companies have revealed 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 poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary 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 business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what does not need to be included right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 any place you look best eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very 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 recognition that payroll payments are definitely essential and innovation is enabling us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by businesses across the world so once again you’re simply looking to include increasingly more payments to this currently intricate landscape so if you sort 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 real obstacles or genuine difficult kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more timely 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 working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect perspective on staff members it is absolutely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve always been impressed entering this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Worldwide Payments first payroll payment option is a fantastic preliminary step towards offering a detailed payroll option for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and checking account necessary for worldwide payroll are key consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we understand how how important 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 processes and also so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and type of shot to return to everyone so moving on look why do business pick to main different bank accounts there are How Do I Get The Papaya Global Payroll Dates Corrected companies out there doing exactly this for particular countries and I’ve worked in a service or numerous companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not need to and anybody that’s handling that procedure 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 many reasons one is it’s the requirement I think individuals have actually got so used to we need a new checking 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 believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing but eventually individuals are very 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 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 comprehend undoubtedly the benefits of having keeping several bank accounts however there’s a huge quantity of intricacy chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is big but I think the honest answer is modification um individuals have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I recently made a modification to our Business 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 actually gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. How Do I Get The Papaya Global Payroll Dates Corrected