Over the last 5 or 6 years …Papaya Global Vs Kronos… functions on the service provider side and also 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 everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very dreary and I want 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 looking at the obstacle years of handling Global payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll likewise go over a recap which ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them ends up being increasingly more complex Global companies are aiming to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate checking account sometimes in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they add more intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 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 traditional payroll model there’s often an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really extremely fundamental there’s no genuine consistency framework we’re living in an age 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 simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the essential numerous 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 difficulties business face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be consisted of best 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 amount of time there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 basic and technology is allowing us to sort of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the settlement landscape is ending up being increasingly detailed. Organizations are continuously presenting brand-new advantages and payment options, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically innovative period, there’s no validation for maintaining troublesome treatments. Payroll, the business’s greatest cost, must be processed correctly and on time. Even small hold-ups can adversely impact workers’ well-being and have significant effects. Therefore, it’s vital to focus on precise and timely payments.
The payroll team might 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 workers or not. Payroll is a crucial cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first Worldwide Payments first payroll payment solution is a terrific preliminary action towards offering a thorough payroll solution for staff members worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts needed for international payroll are crucial factors in accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyhow we know 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 everybody that’s involved in those processes and also so picture sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean up 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 try to look through them and in fact see what was going on and type of try to return to everyone so moving on appearance why do companies choose to primary separate savings account there are Papaya Global Vs Kronos businesses out there doing exactly this for particular countries and I have actually operated in a service or many services doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s dealing with 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 amount that we are I think many reasons one is it’s the standard I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but 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 embraced and continue to do over years and years gone past 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 range I believe this is a process that requires looking at it requires changing but eventually individuals are really stuck with what they’re familiar
with ideal um modification is a difficult thing we all don’t like change um so I believe it’s just 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 understand undoubtedly the benefits of having keeping numerous bank accounts however there’s a big amount of complexity chooses setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is huge but I think the truthful answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or two there is a lot to monitor and this approach does present several obstacles um so Johnny could you tell us about those difficulties 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’s like 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 office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Vs Kronos