Over the last 5 or 6 years …Papaya Global Help Chat… functions on the service provider side and also on the supplier side from a payroll point of view so actually 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 among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone 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 drizzling here it’s very very bleak and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise go over a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them ends up being a growing number of intricate International organizations are seeking to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint numerous organizations keep different checking account just for payroll while some have multiple accounts in different nations does it make sense for companies to maintain separate checking 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 also called virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they add further intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 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 all over the world in the traditional payroll model there’s frequently a frustrating variety of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or very extremely standard there’s no genuine consistency structure 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 often with pen and paper which simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in international payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought of there’s differing Bank details 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 abilities 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 customer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move forward with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m always amazed when individuals say I have actually 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 split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the compensation landscape is becoming significantly elaborate. Organizations are continuously presenting new benefits and payment choices, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly advanced period, there’s no justification for keeping troublesome treatments. Payroll, the company’s most significant expenditure, should be processed correctly and on time. Even minor delays can negatively impact employees’ well-being and have far-reaching effects. Therefore, it’s important to focus on accurate and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just observe when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. Therefore, it is vital to ensure that tasks like Wi-Fi International and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment solution is an excellent initial action towards supplying a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account required for global payroll are key consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we understand 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 also so envision sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job trying to clean up 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 browse them and really see what was going on and kind of shot to get back to everybody so moving on look why do business pick to primary different bank accounts there are Papaya Global Help Chat companies out there doing precisely this for particular nations and I’ve operated in a business or lots of companies doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for any person where we don’t have to and any person that’s managing that process 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 factors one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing however eventually individuals are really stuck with what they’re familiar
with ideal um modification is a difficult thing all of us do not like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving numerous checking account however there’s a huge amount of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is substantial however I believe the honest response is change um people have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does present several obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Help Chat