Over the last five or six years …Papaya Global 50 Furlough… roles on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap which ought to leave his time at the very very 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 end up being more and more typical and handling them becomes increasingly more intricate Worldwide companies are aiming to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint many companies keep different checking account just for payroll while some have numerous accounts in various countries does it make sense for business to keep separate savings account sometimes in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly 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 worldwide it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking rules then there are the large numbers they add more complexity the international Workforce 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 organizations and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming number of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely very standard there’s no real consistency structure we’re living in an era of tech but 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 which just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of international businesses have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations along with lack management and system configurations and after that when you round all of it 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 as soon as payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the required multiple processes 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 obstacles company face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be included right and what does
it require to be thought about there’s varying Bank details 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 client’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to type of progress with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing teams work closer together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on well-being and the settlement landscape is becoming significantly detailed. Businesses are constantly introducing new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically advanced age, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s biggest expense, need to be processed properly and on time. Even minor delays can adversely affect staff members’ well-being and have significant consequences. Therefore, it’s crucial to focus on accurate and timely payments.
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only notice when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a terrific initial step towards supplying a comprehensive payroll solution for workers worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and bank accounts essential for global payroll are key factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as prepared. Eventually, we don’t 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 procedures and likewise so picture sorry I’m just I was just gon na say think of 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 speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t think of 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 actually see what was going on and kind of shot to return to everybody so carrying on appearance why do business select to main different bank accounts there are Papaya Global 50 Furlough businesses out there doing exactly this for specific nations and I’ve operated in a service or many services doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s managing 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 reasons one is it’s the requirement I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people 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 range I think this is a process that needs taking a look at it requires altering however ultimately people are extremely stuck with what they’re familiar
with best um modification is a challenging thing we all do not like modification um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts however there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge but I think the sincere response is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this technique does present a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 50 Furlough