Over the last 5 or 6 years …Migrating Payroll Info To Papaya Global… functions on the provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type 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 type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I wish 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 taking a look at the obstacle years of managing International payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll also review a wrap-up which ought to leave his time at the extremely really 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 International workforces become more and more common and managing them becomes a growing number of intricate International organizations are aiming to discover Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment standpoint lots of organizations keep separate bank account just for payroll while some have several accounts in different nations does it make sense for companies to keep different bank accounts sometimes in various nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll design there’s frequently a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very basic there’s no genuine 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 and that just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on international payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global services have actually expressed 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 bad HCM information information entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be consisted of best 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 time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is absolutely crucial however 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 sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of move on with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however 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 kind of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so again you’re simply wanting to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or genuine difficult sort of pay uses 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 service 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 in fact managing the payment side of things but you know 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 require to produce additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on workers it is definitely vital that it’s done properly and on time so what we mean 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 well-being and many other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market kind of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally also. Therefore, it is important to make sure that tasks like Wi-Fi International and other vital matters are done properly. Using the first International Payments first payroll payment solution is a fantastic initial action towards offering a detailed payroll solution for workers worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account necessary for worldwide payroll are key factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyhow we understand how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture 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 in fact see what was going on and type of shot to return to everyone so carrying on appearance why do business choose to primary separate savings account there are Migrating Payroll Info To Papaya Global companies out there doing exactly this for particular nations and I’ve worked in an organization or lots of companies doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I think people have got so utilized to we need a new bank 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 simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it requires changing but ultimately people are very stuck to what they’re familiar
with right um change is a challenging thing all of us don’t like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping numerous bank accounts but there’s a substantial amount of intricacy goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is big but I think the truthful answer is modification um people haven’t been able to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or two there is a lot to track and this technique does posture numerous difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Migrating Payroll Info To Papaya Global