Over the last five or 6 years …Is Papaya Global Legit… roles on the company side and also on the supplier side from a payroll point of view 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 offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind 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 sort 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 bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also discuss 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 officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more common and handling them ends up being a growing number of intricate International companies are wanting to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment standpoint numerous companies keep separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain separate savings account sometimes in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s frequently an overwhelming number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely very standard there’s no genuine consistency structure we’re living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that 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 businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide companies have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s differing 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to sort of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s more and more advantages being organ or being used by services across the world so again you’re just looking to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real tough type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost point of view from an effect perspective on workers it is absolutely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful effect on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been astonished entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. Therefore, it is essential to make sure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first Global Payments first payroll payment option is a great initial action towards providing a detailed payroll service for workers worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account required for international payroll are key consider achieving company success. While we don’t 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 gratitude.
anyway we know how how crucial a function 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 associated with those processes and also so picture sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of try to get back to everybody so proceeding appearance why do companies choose to primary different savings account there are Is Papaya Global Legit businesses out there doing exactly this for particular countries and I’ve worked in a business or many companies doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering however eventually individuals are extremely stuck with what they’re familiar
with right um modification is a difficult thing we all don’t like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping multiple bank accounts but there’s a big quantity of complexity opts for establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big but I believe the truthful answer is change um individuals have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to track and this technique does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise 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 Global employees you deserve a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Is Papaya Global Legit