Over the last 5 or six years …Year To Date Value Papaya Global Yo… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well one of 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 rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really 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 drizzling here it’s really extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty 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 expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll likewise review a recap which should leave his time at the very 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 Global workforces become increasingly more typical and handling them becomes a growing number of complex Worldwide organizations are looking to discover Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to keep separate bank accounts in some cases in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business enhance the episode complex procedures of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they add more intricacy the global Labor force is presently 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll design there’s often 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 very basic there’s no genuine consistency framework we’re residing in an era 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 typically with pen and paper which just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s differing Bank information 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 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 constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to sort of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the settlement landscape is ending up being progressively complex. Companies are constantly introducing new advantages and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technically sophisticated era, there’s no validation for preserving troublesome treatments. Payroll, the company’s biggest cost, should be processed properly and on time. Even minor delays can adversely impact employees’ well-being and have far-reaching effects. Therefore, it’s critical to prioritize precise and timely payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 important that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment solution is a terrific primary step um offering an end-to-end payroll option for your employees worldwide again I think is another substantial um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their Global 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 do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how crucial a role 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 simple as possible for everybody that’s involved in those procedures and also so think of sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that many 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 task trying to clean up 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 really see what was going on and type of try to get back to everybody so proceeding look why do companies select to primary different bank accounts there are Year To Date Value Papaya Global Yo businesses out there doing exactly this for specific countries and I have actually worked in a business or lots of services doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anybody 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 believe many factors one is it’s the standard I think individuals have actually got so used to we need a brand-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 standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a hard thing all of us don’t like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining numerous bank accounts but there’s a big amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is substantial however I believe the sincere answer is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings 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 alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to track and this approach does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just did you changed our Enterprise 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 staff members you should have a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Year To Date Value Papaya Global Yo