Over the last five or 6 years …Papaya Global 50 Cost Centre Override… functions on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing 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 everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I want I was elsewhere 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 difficulty years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise go over a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and handling them ends up being a growing number of intricate Global organizations are seeking to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment perspective numerous companies maintain separate savings account just for payroll while some have several accounts in various countries does it make sense for companies to keep separate savings account in some cases in various 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 helping international companies streamline the episode complex processes of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is currently 3 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 presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s frequently a frustrating number of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency structure we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what does not require to be consisted of right 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 country there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some infants 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 definitely fundamental and innovation is allowing us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely important that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the settlement landscape is becoming significantly complex. Companies are continuously presenting brand-new benefits and payment alternatives, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically innovative period, there’s no validation for keeping cumbersome treatments. Payroll, the company’s biggest expense, need to be processed correctly and on time. Even minor hold-ups can negatively affect employees’ well-being and have far-reaching consequences. Therefore, it’s critical to prioritize accurate and timely payments.
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. Therefore, it is important to ensure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the first Global Payments first payroll payment solution is a terrific initial step towards providing a thorough payroll service for employees worldwide. Standardization, global processes, and reducing the number of tools, platforms, and bank accounts essential for worldwide payroll are essential consider attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as planned. Eventually, we do not do it for the gratitude.
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 associated with those processes and likewise so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of shot to return to everyone so proceeding appearance why do business select to main separate bank accounts there are Papaya Global 50 Cost Centre Override services out there doing exactly this for particular countries and I’ve operated in a service or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I believe individuals have got so used to we require a brand-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 just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that needs looking at it needs altering however ultimately people are really stuck to what they recognize
with best um modification is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving numerous checking account but there’s a huge amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is big however I think the truthful answer is change um individuals have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this method does pose a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global 50 Cost Centre Override