Over the last five or 6 years …Papaya Global Support Ireland… functions on the supplier side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days 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 everybody 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also review a wrap-up which should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them becomes a growing number of intricate Global organizations are wanting to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint numerous organizations maintain separate checking account just for payroll while some have several accounts in various countries does it make good sense for business to preserve different bank accounts sometimes in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they include additional complexity the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 all over the world in the conventional payroll design there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really really basic there’s no genuine consistency framework we’re living in a period of tech but 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 just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global companies have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the required 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 difficulties company face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of move forward with that it also too to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the settlement landscape is ending up being increasingly intricate. Organizations are continuously presenting brand-new advantages and payment options, which contributes to the total intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically advanced era, there’s no justification for keeping troublesome procedures. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even minor delays can negatively affect staff members’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize precise and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first International Payments first payroll payment option is an excellent initial action towards providing a comprehensive payroll solution for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account essential for global payroll are key consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as planned. Eventually, we don’t do it for the appreciation.
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 everyone that’s involved in those procedures and also so picture sorry I’m just I was just gon na state envision the amount 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 numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and type of try to get back to everybody so moving on appearance why do companies select to primary different savings account there are Papaya Global Support Ireland organizations out there doing exactly this for particular nations and I have actually worked in a business or numerous organizations doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing extra 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 lots of reasons one is it’s the requirement I think individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing but ultimately people are very stuck to what they’re familiar
with ideal um modification is a difficult thing we all do not like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving numerous savings account however there’s a huge quantity of complexity goes with setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge however I think the sincere answer is modification um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep track of and this approach does pose several challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I recently made a modification to our Business 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 acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Support Ireland