Over the last 5 or six years …Papaya Global Won T Open… roles on the supplier side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone 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 intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also go over a recap and that should leave his time at the extremely very 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 International labor forces become more and more common and handling them ends up being more and more intricate Global companies are looking to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment standpoint numerous organizations preserve separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to preserve different checking account often in various nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business simplify the episode complex procedures of
making payroll payments properly effectively 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 accurately forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they add additional intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely extremely basic there’s no real consistency structure we’re living in an age 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 which just blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global services have expressed 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 due to time reporting bad HCM information information entry errors poorly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once 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 essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a good concern I always throw this back and say what is it what does not need to be included right and what does
it require to be thought of there’s varying 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 permitting us to sort of move on with that it also too to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say 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 an industry accept that why our payroll and payments so often 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the compensation landscape is becoming increasingly detailed. Companies are constantly presenting brand-new advantages and payment options, which contributes to the total complexity. Large 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 highly sophisticated age, there’s no validation for maintaining troublesome procedures. Payroll, the company’s greatest expenditure, must be processed properly and on time. Even minor hold-ups can adversely affect staff members’ well-being and have far-reaching consequences. Therefore, it’s crucial to prioritize precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout 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 an important cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. For that reason, it is important to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first Global Payments first payroll payment solution is an excellent initial step towards providing an extensive payroll service for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts necessary for global payroll are key consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we understand how how important 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 easy as possible for everyone that’s associated with those processes and also so imagine sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean 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 try to check out them and actually see what was going on and type of try to get back to everybody so carrying on look why do business choose to main separate bank accounts there are Papaya Global Won T Open organizations out there doing exactly this for particular nations and I’ve worked in an organization or numerous businesses doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for any person 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 think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe individuals have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering however eventually individuals are very stuck to what they’re familiar
with best um modification is a difficult thing all of us do not like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining several savings account but there’s a huge amount of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is big however I believe the sincere answer is change um individuals haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just 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 staff members you are worthy of a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Won T Open