Over the last 5 or 6 years …Papaya Global Csv Upload… roles on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly 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 very really bleak and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll also discuss a recap and that should leave his time at the very very 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 International workforces end up being more and more common and managing them ends up being more and more complicated Worldwide companies are wanting to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective numerous companies maintain separate bank account just for payroll while some have numerous accounts in different nations does it make sense for business to keep different checking account often in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they include additional complexity the international Workforce is presently three 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 currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no real consistency framework we’re living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide services have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average cost of an international 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 rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to type of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to type of the level of complexity there’s more and more advantages being organ or being offered by services throughout the world so again you’re simply wanting to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely state 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 however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense viewpoint from an effect perspective on employees it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive effect on individuals’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been surprised entering this Market type of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Using the very first Worldwide Payments very first payroll payment option is a fantastic preliminary step towards providing a thorough payroll option for workers worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and checking account required for global payroll are essential consider accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how essential 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 everybody that’s associated with those procedures and also so picture sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I mean 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 absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everyone so proceeding look why do business choose to primary different savings account there are Papaya Global Csv Upload businesses out there doing precisely this for specific countries and I have actually operated in an organization or lots of organizations doing exactly that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe people have got so used to we need a 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 think it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs altering however ultimately individuals are really stuck with what they’re familiar
with best um change is a hard thing we all don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving multiple savings account however there’s a substantial quantity of intricacy opts for establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is substantial but I think the truthful answer is change um people have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep track of and this approach does position a number of difficulties um so Johnny might you tell us about those difficulties yeah of course 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 jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Csv Upload