Over the last five or six years …Papaya Global Services Employee Login… functions on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so 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 sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 extremely really uninspiring and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep separate
savings 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 strategic property uh we’ll likewise discuss a wrap-up and that should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on moving 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 managing them ends up being a growing number of complicated Worldwide companies are wanting to discover Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of companies keep separate savings account just for payroll while some have several accounts in different nations does it make good sense for business to maintain different savings account often in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more intricacy the international Workforce is presently three and a half billion individuals 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 consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s frequently an overwhelming variety of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very extremely standard there’s no genuine consistency framework we’re living in an age of tech however 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 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 state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of a picture they see a lack of presence also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they do not 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 information entry errors improperly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to kind of move on with that it also too to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 typically 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 people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the compensation landscape is ending up being increasingly complex. Businesses are continuously introducing new advantages and payment choices, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly innovative era, there’s no reason for keeping cumbersome treatments. Payroll, the company’s most significant expense, need to be processed correctly and on time. Even slight delays can negatively impact workers’ well-being and have far-reaching consequences. For that reason, it’s vital to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll solution for your employees worldwide again I believe is another substantial um process again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of companies and decreasing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t 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 do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important a function 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 envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to main separate checking account there are Papaya Global Services Employee Login services out there doing precisely this for specific countries and I have actually operated in a service or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s managing that procedure 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 believe lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs changing however eventually people are very stuck with what they’re familiar
with right um modification is a hard thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining multiple checking account however there’s a substantial amount of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big but I believe the honest response is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really 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 understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century approximately there is a lot to track and this technique does present numerous difficulties um so Johnny could you inform 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Services Employee Login