Over the last five or six years …Papaya Global Add Previous Pay… functions on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody 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 these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 very uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap which must leave his time at the extremely extremely 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 Worldwide workforces become increasingly more typical and managing them becomes a growing number of complex Global organizations are aiming to find Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment viewpoint many companies keep different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to keep separate checking account sometimes in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most significantly regulations compliance data security and banking rules then there are the large numbers they include further complexity the global Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or very very standard there’s no genuine consistency framework we’re living in an age of tech however 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 believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great question I always throw this back and state what is it what does not need to be included right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 fundamental and technology is allowing us to sort of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 data collection all the way through to paying individuals wherever 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 settlement landscape is becoming significantly complex. Businesses are constantly introducing brand-new advantages and payment alternatives, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technologically innovative era, there’s no validation for keeping troublesome procedures. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even small hold-ups can adversely impact staff members’ wellness and have significant repercussions. Therefore, it’s critical to focus on precise and timely payments.
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody 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 only notice when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. Therefore, it is vital to guarantee that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment option is a terrific preliminary action towards supplying a detailed payroll option for staff members worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account needed for global payroll are crucial factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyhow 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 easy as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting 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 attempt to look through them and actually see what was going on and sort of try to get back to everybody so moving on look why do companies pick to primary different savings account there are Papaya Global Add Previous Pay companies out there doing precisely this for specific nations and I’ve operated in a business or lots of businesses doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted 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 methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs changing but eventually individuals are really stuck to what they recognize
with right um change is a difficult thing we all do not like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving numerous savings account however there’s a huge amount of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is big however I think the sincere answer is modification um people have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does pose a number of challenges um so Johnny might you inform us about those obstacles yeah naturally 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 handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Add Previous Pay