Over the last 5 or six years …Papaya Global Right To Work Check… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll also review a wrap-up and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them ends up being increasingly more complicated Global companies are wanting to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment perspective many companies maintain different checking account just for payroll while some have several accounts in different nations does it make sense for business to preserve separate checking account often in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most importantly policies compliance data security and banking rules then there are the large numbers they include more intricacy the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there’s typically an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really extremely basic there’s no real consistency structure we’re living in an age of tech but payroll has actually 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 just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought of there’s varying 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to type of progress with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the settlement landscape is ending up being progressively intricate. Services are continually presenting brand-new advantages and payment choices, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s highly advanced era, there’s no justification for preserving cumbersome treatments. Payroll, the business’s greatest expenditure, need to be processed correctly and on time. Even slight hold-ups can adversely impact employees’ well-being and have far-reaching consequences. Therefore, it’s vital to prioritize precise and prompt payments.
payroll team get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is an excellent first step um offering an end-to-end payroll solution for your employees worldwide again I believe is another huge um process again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of companies and minimizing the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how important a role it is and that’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 everybody that’s involved in those processes and also so imagine sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean 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 require days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everyone so moving on look why do business select to main different savings account there are Papaya Global Right To Work Check services out there doing exactly this for specific nations and I’ve operated in a business or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and anyone that’s dealing with 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 quantity that we are I think many reasons one is it’s the requirement I think people have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing however eventually people are extremely stuck with what they’re familiar
with right um change is a difficult thing we all do not like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining several savings account but there’s a substantial amount of intricacy opts for establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is substantial however I think the honest answer is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or two there is a lot to monitor and this technique does posture numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business 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 acquired another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Right To Work Check