Over the last five or 6 years …Papaya Global Year End 2023 Process… functions on the company side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite 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 originates from and I actually 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 drizzling here it’s very really gloomy and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them ends up being more and more complex Global companies are aiming to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment perspective many organizations maintain separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep different bank accounts often in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business improve the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating variety of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or really really basic 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 frequently with pen and paper and that just blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the wrong place the typical cost of a global 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 smoothly if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be included right and what does
it require to be thought of there’s varying 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 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 consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely vital however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to kind of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is ending up being increasingly intricate. Businesses are constantly presenting brand-new advantages and payment options, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced age, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even minor delays can negatively impact workers’ wellness and have far-reaching consequences. Therefore, it’s vital to prioritize precise and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is a terrific initial action towards providing a detailed payroll option for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and checking account essential for global payroll are essential factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and sort of try to return to everybody so carrying on look why do business choose to primary separate checking account there are Papaya Global Year End 2023 Process services out there doing precisely this for specific nations and I’ve operated in a service or numerous organizations doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and anyone that’s handling 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 factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs looking at it needs changing however eventually people are really stuck to what they recognize
with ideal um change is a tough thing we all don’t like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple bank accounts however there’s a huge quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is huge however I believe the truthful response is modification um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep an eye on and this method does position numerous challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply 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 International workers you deserve a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End 2023 Process