Over the last five or six years …Papaya Global Year End 2023 Guide… functions on the company side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing 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 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is presently three 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 services and growing all doing their own thing around the world in the traditional payroll design there’s frequently an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very extremely fundamental there’s no real consistency structure we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the needed numerous processes 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 workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be consisted of best 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like very payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 eventually 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 likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the payment landscape is ending up being significantly complex. Businesses are continually presenting new benefits and payment alternatives, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly sophisticated age, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s most significant expense, should be processed properly and on time. Even small hold-ups can adversely impact employees’ well-being and have significant consequences. Therefore, it’s critical to focus on accurate and timely payments.
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally as well. For that reason, it is important to ensure that jobs like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a great preliminary action towards offering a thorough payroll service for workers worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account needed for worldwide payroll are crucial factors in attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we know how how important 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying 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 require days of the week to try to browse them and really see what was going on and type of shot to return to everyone so moving on appearance why do business select to primary different savings account there are Papaya Global Year End 2023 Guide services out there doing exactly this for specific nations and I’ve operated in a company or lots of businesses doing precisely that I can state it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anyone 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 think many reasons one is it’s the requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually people are very stuck to what they recognize
with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving multiple bank accounts however there’s a substantial quantity of complexity opts for establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is huge but I think the sincere response is modification um people haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or two there is a lot to keep an eye on and this approach does present several difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Year End 2023 Guide