Over the last five or six years …Papaya Global Payroll Yelp… roles on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type 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 raining here it’s very very bleak and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also review a recap and that should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them ends up being more and more complicated International organizations are seeking to find Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment standpoint numerous organizations maintain separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different savings account in some cases in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast 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 tough in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in 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 variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or very really basic there’s no genuine consistency framework we’re residing in an era 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 simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of international businesses have expressed that they don’t 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 mistakes improperly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical expense of a global data 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 depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 basic and innovation is allowing us to type of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m constantly astonished when individuals 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 profession 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 typically split and cut up um ultimately 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the compensation landscape is ending up being increasingly detailed. Services are continuously introducing new benefits and payment alternatives, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s technologically advanced period, there’s no justification for preserving troublesome treatments. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even slight delays can adversely affect staff members’ well-being and have far-reaching effects. Therefore, it’s critical to focus on precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has been informed 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 employees or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think 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 definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll service for your employees globally once again I think is another substantial um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses 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 countless 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 quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how important a function 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 everyone that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that many 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 interesting task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies choose to primary different checking account there are Papaya Global Payroll Yelp organizations out there doing exactly this for particular nations and I’ve operated in a company or many 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 anyone 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 think many factors one is it’s the requirement I believe people have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced 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 variety I think this is a procedure that needs taking a look at it requires changing however ultimately individuals are very stuck to what they’re familiar
with ideal um change is a hard thing all of us don’t like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping several checking account however there’s a huge amount of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is substantial but I believe the honest response is change um individuals haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does present several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Yelp