Over the last 5 or six years …Papaya Global Ytd Payroll Report… functions on the company side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing 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 everybody originates from and I really 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 bleak and I want I was somewhere else at this moment in time all right 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 Worldwide payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that should leave his time at the really really 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 increasingly more typical and managing them becomes a growing number of intricate International organizations are wanting to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint numerous organizations keep different checking account just for payroll while some have several accounts in various nations does it make good sense for business to keep different checking account often in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational 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 benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they include more complexity the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s typically a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or really really fundamental there’s no genuine consistency framework we’re living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes badly 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 place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as 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 required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be consisted of best and what does
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it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need 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 developing a knowledge base is absolutely crucial but 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 take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to type of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to kind of the level of intricacy there’s more and more advantages being organ or being provided by companies across the world so again you’re simply looking to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost point of view from an impact point of view on workers it is absolutely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental impact on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually always been astonished coming into this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly 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 staff members or not. Payroll is a crucial cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. Therefore, it is important to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the first International Payments very first payroll payment solution is an excellent preliminary action towards offering a detailed payroll option for staff members worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and bank accounts needed for global payroll are crucial consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Eventually, we do not do it for the appreciation.
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 easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so carrying on look why do business select to primary different bank accounts there are Papaya Global Ytd Payroll Report businesses out there doing exactly this for specific nations and I have actually operated in an organization or many services doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe people have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but eventually individuals are extremely stuck to what they’re familiar
with right um modification is a tough thing all of us do not like change 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 obviously the advantages of having keeping several bank accounts however there’s a substantial quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big however I believe the sincere answer is change um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Ytd Payroll Report