Over the last five or 6 years …Trader Joe\’s Papaya Global Connect… roles on the supplier side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately 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 currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really 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 really uninspiring and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll also review a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and managing them becomes a growing number of complex Worldwide companies are wanting to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint numerous companies preserve separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain separate checking account in some cases in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they include further intricacy the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals 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 all over the world in the conventional payroll model there’s frequently a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely very basic there’s no real consistency framework we’re residing 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 and that just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in international payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the required numerous processes 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 difficulties service face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be included right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to kind of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on wellness and the payment landscape is ending up being increasingly detailed. Companies are continually introducing brand-new benefits and payment alternatives, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technologically advanced period, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s biggest expense, need to be processed correctly and on time. Even slight hold-ups can negatively impact employees’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on precise and timely payments.
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great 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 routine task. This is how it’s viewed externally too. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the very first International Payments very first payroll payment option is a fantastic preliminary action towards supplying a detailed payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account needed for international payroll are essential consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we know how how essential 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 involved in those processes and likewise so imagine sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh absolutely 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 really see what was going on and type of shot to get back to everybody so moving on look why do companies select to primary different savings account there are Trader Joe\’s Papaya Global Connect businesses out there doing exactly this for particular countries and I have actually operated in a service or many services doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and any person that’s managing 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 numerous factors one is it’s the standard I think individuals have actually got so utilized to we need a new savings account we open an entity and rightly 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 simply been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but eventually people are extremely stuck with what they’re familiar
with best um change is a difficult thing all of us don’t like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping several bank accounts however there’s a huge amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is big however I believe the honest response is modification um people haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to track and this technique does present several obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Trader Joe\’s Papaya Global Connect