Over the last 5 or 6 years …Papaya Global Price List… functions on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 very extremely bleak and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that ought to leave his time at the extremely really 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 International labor forces become a growing number of common and handling them becomes more and more complicated International companies are seeking to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve different savings account just for payroll while some have multiple accounts in various countries does it make sense for business to maintain different bank accounts in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business enhance the episode complex procedures of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s typically a frustrating variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very extremely standard there’s no real consistency framework we’re living in an era of tech however payroll has 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 offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international services have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential several 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 service face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included ideal and what does
it require to be considered there’s differing Bank information 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 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 any place you look best eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 recognition that payroll payments are absolutely basic and innovation is enabling us to sort of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the compensation landscape is becoming significantly elaborate. Businesses are constantly introducing new advantages and payment options, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s highly innovative era, there’s no validation for keeping troublesome procedures. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even small delays can negatively impact workers’ wellness and have significant consequences. Therefore, it’s critical to focus on accurate and prompt payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only observe when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the first International Payments very first payroll payment service is an excellent initial action towards offering an extensive payroll option for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account essential for international payroll are key consider achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances 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 involved in those processes and also so picture sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of 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 a fascinating task attempting to clean all those up for sure oh definitely I can’t think of 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 type of try to get back to everyone so proceeding appearance why do business select to main separate bank accounts there are Papaya Global Price List organizations out there doing exactly this for specific countries and I’ve operated in an organization or many businesses doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need 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 got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have 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 variety I believe this is a process that requires taking a look at it requires changing but ultimately individuals are very stuck to what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving multiple bank accounts however there’s a substantial quantity of intricacy opts for establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I believe the truthful response is modification um people have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this method does present a number of challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Price List