Over the last 5 or 6 years …Papaya Global Investors… functions on the company side and also on the vendor 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 okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather 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 everyone comes from and I really do hope it’s much sunnier than it remains 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 really very gloomy and I wish 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 challenge years of managing International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap which needs to leave his time at the very extremely 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 Global workforces become increasingly more typical and handling them ends up being more and more intricate Global organizations are aiming to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment perspective numerous organizations preserve different checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to keep different bank accounts sometimes in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they include more complexity the global Labor force 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 people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll design there’s frequently an overwhelming number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very extremely fundamental there’s no genuine consistency structure we’re living in an era of tech however payroll has 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 give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide businesses 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 errors are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be included 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 nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 enabling us to type of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is ending up being progressively elaborate. Companies are constantly presenting new benefits and payment choices, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically innovative period, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s biggest cost, need to be processed properly and on time. Even minor delays can negatively affect workers’ wellness and have far-reaching repercussions. Therefore, it’s critical to focus on accurate and timely payments.
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only discover when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. For that reason, it is necessary to guarantee that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first Global Payments first payroll payment service is an excellent preliminary step towards offering a detailed payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and checking account needed for international payroll are key factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as planned. Ultimately, we don’t 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 procedures and also so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying 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 try to browse them and really see what was going on and sort of shot to get back to everybody so proceeding appearance why do companies pick to main separate checking account there are Papaya Global Investors services out there doing precisely this for particular countries and I’ve worked in a company or lots of businesses doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons 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 rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are extremely stuck with what they’re familiar
with right um modification is a challenging thing all of us do not like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having maintaining numerous savings account but there’s a huge quantity of complexity opts for setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big however I believe the sincere answer is modification um people haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to monitor and this technique does present numerous difficulties um so Johnny might you tell us about those obstacles yeah naturally 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 handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Investors