Over the last five or six years …How Much Is Papaya Global Software… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also review a recap and that should leave his time at the really 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 workforces become increasingly more common and handling them ends up being increasingly more complex Global companies are wanting to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment perspective lots of organizations keep separate savings account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve separate savings account sometimes in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank 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 possession so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most notably regulations compliance information security and banking rules then there are the sheer numbers they add additional complexity the international Labor force is presently 3 and a half billion individuals 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 factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really very fundamental there’s no real consistency structure we’re living in a period of tech but payroll has 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 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 businesses state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of international organizations have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the data is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of ideal 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 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 customer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is absolutely crucial but 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 look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to sort of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the compensation landscape is becoming increasingly elaborate. Companies are constantly presenting new benefits and payment options, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically innovative era, there’s no justification for preserving troublesome procedures. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even small delays can negatively impact workers’ well-being and have far-reaching repercussions. For that reason, it’s crucial to prioritize precise and timely payments.
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only observe when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally also. Therefore, it is essential to make sure that tasks like Wi-Fi International and other vital matters are done properly. Utilizing the first Global Payments very first payroll payment solution is an excellent preliminary action towards providing an extensive payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and checking account essential for worldwide payroll are crucial factors in accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we know 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 also so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about 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 definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everyone so proceeding look why do companies pick to primary different savings account there are How Much Is Papaya Global Software organizations out there doing exactly this for particular countries and I have actually operated in a company or numerous organizations doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a new savings 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 think it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing however eventually individuals are very stuck to what they’re familiar
with best um change is a hard thing all of us don’t like change um so I believe it’s just sort 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 obviously the benefits of having preserving several bank accounts however there’s a huge quantity of intricacy goes with establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big however I think the honest response is change um people have not had the ability to change or haven’t 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 know and there is a component of resistance to alter however we have actually always 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 might practically be identified to be the next Century or two there is a lot to track and this method does position numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise 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 acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. How Much Is Papaya Global Software