Over the last 5 or six years …Papaya Global 27… functions on the supplier side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them becomes more and more intricate International organizations are seeking to find Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment perspective numerous organizations maintain separate savings account just for payroll while some have several accounts in different nations does it make good sense for companies to preserve different bank accounts in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they add more complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 worldwide in the traditional payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or really extremely fundamental there’s no real consistency framework we’re living in a period of tech but payroll has actually 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 offer you an idea 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 offers me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have 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 poor HCM data data entry mistakes poorly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the wrong location the typical cost 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 all over the world payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what does not require to be consisted of best and what does
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 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and innovation is permitting us to sort of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide 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 information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the compensation landscape is becoming increasingly intricate. Companies are continuously presenting brand-new advantages and payment choices, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically innovative age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant cost, should be processed correctly and on time. Even minor delays can negatively impact workers’ wellness and have significant effects. Therefore, it’s important to prioritize accurate and timely payments.
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has 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. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. Therefore, it is vital to make sure that tasks like Wi-Fi International and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment solution is a great initial step towards providing a detailed payroll option for staff members worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account required for worldwide payroll are essential factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
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 everyone that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to get back to everyone so moving on look why do companies select to main separate savings account there are Papaya Global 27 services out there doing exactly this for particular countries and I have actually operated in a service or lots of organizations doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and any person that’s handling 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 amount that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new bank 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 think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering but eventually individuals are really stuck to what they’re familiar
with ideal um modification is a difficult thing all of us do not like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having keeping numerous savings account however there’s a big quantity of intricacy opts for establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big however I believe the honest response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this approach does present numerous challenges um so Johnny could you inform us about those obstacles yeah naturally 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 effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global 27