Over the last five or 6 years …Papaya Global Cloud 50… roles on the supplier side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really gloomy and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also review a recap and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and managing them ends up being more and more complicated Global organizations are aiming to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of companies maintain different savings account just for payroll while some have several accounts in different countries does it make sense for business to preserve different bank accounts in some cases in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex procedures of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the international Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 traditional payroll model there’s typically a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely very basic there’s no genuine consistency structure we’re living in an era 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 often with pen and paper and that just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed 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 difficulties organization face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it need 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 technology is allowing us to kind of move on with that it likewise also to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the compensation landscape is ending up being progressively intricate. Businesses are constantly presenting new advantages and payment choices, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly innovative period, there’s no justification for preserving cumbersome procedures. Payroll, the company’s greatest expense, need to be processed properly and on time. Even small hold-ups can negatively affect staff members’ wellness and have far-reaching repercussions. Therefore, it’s vital to prioritize accurate and timely payments.
The payroll group may 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 employees or not. Payroll is a crucial cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally too. For that reason, it is important to ensure that tasks like Wi-Fi International and other vital matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment option is a terrific initial action towards providing a comprehensive payroll service for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account needed for international payroll are essential factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as planned. Eventually, we do not do it for the appreciation.
anyhow we understand how how important 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 everybody that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job 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 was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of try to return to everybody so carrying on look why do companies select to main separate checking account there are Papaya Global Cloud 50 services out there doing exactly this for particular countries and I have actually worked in a company or lots of businesses doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and any person that’s handling that process 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 numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions but 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 add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires altering however eventually people are very stuck to what they’re familiar
with ideal um change 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 have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping multiple savings account however there’s a big amount of intricacy chooses setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I believe the honest response is modification um individuals have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does position numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Cloud 50