Over the last five or six years …Figuringout Interestand Principle Papaya Globalments… roles on the supplier side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type 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 originates from and I truly 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 raining here it’s really extremely bleak and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also discuss a wrap-up which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them ends up being a growing number of complex Global companies are aiming to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment perspective lots of companies keep separate bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain different savings account in some cases in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or very really fundamental there’s no real consistency framework we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the data is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be consisted of 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 country there’s payment time frames there’s payment capabilities 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 client’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble incredibly 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to type of progress with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the compensation landscape is becoming progressively detailed. Companies are continually presenting new advantages and payment choices, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no reason for preserving cumbersome treatments. Payroll, the company’s biggest cost, need to be processed properly and on time. Even small hold-ups can adversely affect workers’ wellness and have far-reaching consequences. Therefore, it’s important to prioritize accurate and prompt payments.
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a terrific preliminary step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and savings account essential for worldwide payroll are essential consider achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
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 simple as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and type of shot to get back to everyone so carrying on appearance why do companies choose to main separate checking account there are Figuringout Interestand Principle Papaya Globalments services out there doing exactly this for particular countries and I’ve operated in a business or lots of services doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not need 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 quantity that we are I believe numerous reasons one is it’s the standard I think people have got so utilized to we need a new savings 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 standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering but ultimately people are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping numerous bank accounts however there’s a substantial amount of intricacy opts for setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is big but I think the honest response is change um people haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century approximately there is a lot to monitor and this approach does position a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Figuringout Interestand Principle Papaya Globalments