Over the last 5 or 6 years …Hosted Papaya Global… functions on the supplier side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually 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 really dreary and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also discuss a recap and that must 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 International workforces become a growing number of common and managing them ends up being increasingly more complex Global companies are aiming to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment viewpoint numerous organizations preserve different checking account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve different bank accounts often in various countries it does but 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 multinational companies improve the episode complex processes of
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the international Labor force is currently 3 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 currently 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 world in the traditional payroll model there’s typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely very standard there’s no real consistency framework we’re residing in an age of tech however payroll has been sluggish 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 every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the incorrect 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 world payroll and payments do not run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s varying 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone 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 an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the compensation landscape is becoming increasingly complex. Services are continuously introducing new advantages and payment options, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically innovative age, there’s no justification for keeping cumbersome treatments. Payroll, the company’s biggest expenditure, should be processed properly and on time. Even slight delays can negatively impact employees’ well-being and have significant effects. Therefore, it’s important to prioritize accurate and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. For that reason, it is necessary to make sure that tasks like Wi-Fi Global and other important matters are done correctly. Using the first International Payments very first payroll payment service is a great initial action towards providing a detailed payroll solution for staff members worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account required for global payroll are crucial factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyway we know how how essential 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 easy as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do companies select to main separate checking account there are Hosted Papaya Global organizations out there doing precisely this for particular countries and I have actually operated in a service or lots of organizations doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I believe people have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals 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 think this is a procedure that requires taking a look at it requires altering but ultimately individuals are very stuck to what they’re familiar
with right um change is a difficult thing we all don’t like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining several checking account however there’s a big amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is substantial however I think the truthful answer is modification um people have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this method does posture several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise 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 acquired another CFO, and with this boosted ability, I have effectively protected 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 more detailed, considering your accomplishments. Hosted Papaya Global