Over the last five or six years …Papaya Global Payroll Puerto Rico… roles on the provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of 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 rather fascinating 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 everybody comes 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 raining here it’s very extremely bleak and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a recap and that must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them becomes a growing number of complicated Global companies are wanting to discover Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment standpoint lots of companies maintain separate savings account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain different savings account in some cases in various nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they include further complexity the worldwide Workforce is currently three and a half billion people 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 organizations and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely really basic there’s no real consistency structure we’re living in an era of tech however 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 just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of global businesses have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count 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 difficulties organization face when they’re making payments to employees or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be included right and what does
it require to be considered there’s differing 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 abilities 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 consumer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if but 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 acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move forward with that it also too to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is ending up being increasingly intricate. Services are continually presenting new benefits and payment options, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated age, there’s no validation for keeping troublesome procedures. Payroll, the company’s greatest cost, must be processed properly and on time. Even minor hold-ups can adversely impact staff members’ well-being and have far-reaching effects. Therefore, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll option for your employees internationally again I believe is another substantial um procedure once again aligning and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of businesses and decreasing the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand 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 involved in those procedures and likewise so picture sorry I’m just I was just gon na state picture 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 discussing hundreds of thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely 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 look through them and really see what was going on and sort of try to get back to everyone so moving on appearance why do business pick to main separate checking account there are Papaya Global Payroll Puerto Rico businesses out there doing precisely this for particular countries and I’ve operated in an organization or many businesses doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think individuals have got so used 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 requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering however ultimately people are extremely stuck with what they recognize
with best um change is a hard thing we all don’t like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining multiple bank accounts but there’s a substantial amount of complexity goes with setting up a checking account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is big but I think the honest response is modification um individuals have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually 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 nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does posture several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a modification to our Business 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 actually acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Puerto Rico