Over the last five or six years …How To Set Up Papaya Global… functions on the provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join all of us 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 already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates 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 raining here it’s very really bleak and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll also go over a recap which must 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 Worldwide labor forces end up being more and more common and handling them ends up being increasingly more intricate Worldwide organizations are seeking to find Solutions and new ways to enhance processes especially from a payroll and cross-border payment perspective lots of organizations keep separate savings account just for payroll while some have several accounts in various nations does it make sense for companies to maintain separate savings account often in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments precisely efficiently safely 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 companies properly forecast their payroll expenses 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 difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there’s often an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or very really basic there’s no real consistency framework 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 typically with pen and paper which simply blows my mind each 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 services say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on global payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international companies have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the essential multiple 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 obstacles service face when they’re paying to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be included best and what does
it require to be thought about there’s differing 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 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 complexity anywhere you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody 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 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 procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the payment landscape is ending up being increasingly complex. Services are continuously introducing brand-new benefits and payment options, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced era, there’s no reason for keeping cumbersome procedures. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even small hold-ups can negatively affect workers’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on accurate and timely payments.
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just observe when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first International Payments very first payroll payment solution is an excellent initial step towards offering a comprehensive payroll solution for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts necessary for worldwide payroll are crucial factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we know how how crucial a role it is which’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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean 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 try to check out them and actually see what was going on and kind of try to get back to everyone so carrying on appearance why do business choose to main separate bank accounts there are How To Set Up Papaya Global businesses out there doing precisely this for particular countries and I have actually worked in a service or numerous businesses doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and any person that’s handling 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 numerous factors one is it’s the requirement I believe people have got so used to we need a new checking account we open an entity and rightly 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 embraced and continue to do over years and years gone past to contribute to that people have 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 believe this is a procedure that requires looking at it needs changing but ultimately individuals are extremely stuck with what they’re familiar
with right um modification is a challenging thing we all don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple bank accounts but there’s a big quantity of intricacy opts for establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge however I think the sincere response is modification um individuals have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually constantly 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 understand what might nearly be identified to be the next Century or so there is a lot to keep track of and this approach does position a number of challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range 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 employees you deserve a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you How To Set Up Papaya Global