Over the last five or 6 years …Best Attendance Systems Papaya Global… roles on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type 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 extremely really bleak and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also discuss a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them becomes increasingly more intricate Worldwide companies are looking to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint many organizations maintain separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate savings account sometimes in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments accurately 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 precisely forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add more complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated 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 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 number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency structure we’re living in an era of tech however payroll has actually been slow 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 each time I I think
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 information in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services have revealed that they don’t 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 information data entry errors inadequately communicated hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be consisted of best and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 best ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely payments no if however some children 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 enabling us to sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work better together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone 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 an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the compensation landscape is becoming increasingly elaborate. Organizations are constantly presenting brand-new advantages and payment alternatives, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically sophisticated age, there’s no validation for preserving troublesome treatments. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even slight delays can negatively impact staff members’ well-being and have far-reaching effects. Therefore, it’s important to focus on precise and prompt payments.
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. Therefore, it is vital to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment solution is a great preliminary action towards providing a comprehensive payroll solution for workers worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and checking account required for global payroll are crucial consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we understand how how essential 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 processes and likewise so picture sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and type of shot to return to everyone so carrying on appearance why do business select to primary separate savings account there are Best Attendance Systems Papaya Global organizations out there doing precisely this for particular countries and I have actually worked in an organization or numerous companies doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s managing 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 think numerous factors one is it’s the standard I believe individuals have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires changing however eventually individuals are really stuck with what they recognize
with ideal um change is a hard thing all of us don’t like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining several checking account however there’s a big quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is big however I think the honest response is modification um people have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep track of and this method does present a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Best Attendance Systems Papaya Global