Over the last 5 or 6 years …Papaya Global Payroll Commuter Benefits… roles on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates 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 raining here it’s really really bleak and I wish I was elsewhere at this moment in time all right 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 managing Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also discuss a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and managing them ends up being more and more intricate Worldwide organizations are seeking to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment standpoint lots of organizations keep different checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve different bank accounts often in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments properly efficiently safely and on time during 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 simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they include additional intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s frequently a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really very standard there’s no genuine consistency structure we’re residing 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 often with pen and paper and that simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international services have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong place the typical expense 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 don’t run smoothly if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included right and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 any place you look right eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to sort of move on with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I’ve split 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 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 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the payment landscape is becoming increasingly complex. Services are continually introducing brand-new benefits and payment choices, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically innovative age, there’s no justification for preserving troublesome procedures. Payroll, the company’s most significant expense, must be processed correctly and on time. Even small hold-ups can negatively affect workers’ well-being and have significant consequences. For that reason, it’s crucial to focus on accurate and prompt payments.
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment service is a terrific preliminary action towards offering a thorough payroll service for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and savings account needed for global payroll are key consider achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyhow we know how how crucial a function it is and that’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 associated with those procedures and also so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine 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 but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to get back to everyone so moving on look why do business pick to primary different bank accounts there are Papaya Global Payroll Commuter Benefits services out there doing precisely this for specific countries and I’ve worked in a business or many services doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and anybody that’s dealing with 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 many reasons one is it’s the standard I think individuals have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think 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 lots of other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs changing but eventually people are really stuck with what they recognize
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 standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining multiple bank accounts but there’s a big quantity of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is substantial however I think the truthful answer is change um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this approach does present a number of difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety 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 Worldwide staff members you should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Commuter Benefits