Over the last five or six years …Papaya Global Hanging… roles on the supplier side and also on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all 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 just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 extremely extremely bleak and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies keep separate
bank accounts 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 tactical asset uh we’ll likewise go over a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and handling them ends up being a growing number of intricate International organizations are seeking to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment standpoint many companies keep different checking account just for payroll while some have several accounts in different countries does it make sense for business to maintain different checking account in some cases in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies improve the episode complex processes of
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Labor force is currently three and a half billion individuals by 2030 it’s estimated 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 around the globe in the standard payroll model there’s frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or very very standard there’s no real consistency structure we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever 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 state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global companies have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect 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 worldwide payroll and payments do not run smoothly if they count 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 business face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require 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 timespan there’s payment abilities 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they are like extremely payments no if but some children 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to sort of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work more detailed together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on wellness and the payment landscape is becoming significantly complex. Businesses are continuously presenting brand-new benefits and payment alternatives, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s technologically innovative era, there’s no justification for keeping troublesome procedures. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even slight delays can negatively impact workers’ well-being and have significant effects. For that reason, it’s crucial to prioritize accurate and prompt payments.
The payroll team might not have 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 employees or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi Global and other vital matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment service is a fantastic initial step towards supplying a comprehensive payroll option for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account essential for worldwide payroll are essential factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how crucial 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 procedures and also so picture sorry I’m simply I was just gon na say imagine 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 potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying 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 attempt to browse them and actually see what was going on and sort of try to get back to everyone so proceeding look why do business pick to primary separate bank accounts there are Papaya Global Hanging businesses out there doing precisely this for particular nations and I’ve worked in a company or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and any person 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 believe lots of reasons one is it’s the standard I think people have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes 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 embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing however ultimately people are extremely stuck to what they recognize
with right um change is a difficult thing we all do not like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving several savings account however there’s a huge quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is substantial however I think the truthful answer is modification um individuals haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this approach does pose a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Hanging