Over the last five or 6 years …Papaya Global Closing After Trying To Update Programme… functions on the supplier side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of 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 quite interesting and I can see it going on already simply 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 certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll also discuss a wrap-up and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them becomes increasingly more complicated International companies are looking to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment standpoint numerous organizations preserve different bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve different bank accounts in some cases in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the international Labor force is presently three 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 currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there’s often a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency framework we’re residing in an era of tech but 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 every time I I think
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 data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on international payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of international services have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what does not need to be consisted of ideal and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 complexity any place you look ideal ultimately developing a knowledge base is absolutely crucial 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 type 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 definitely basic and technology is enabling us to type of progress with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly amazed when people say 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 split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is ending up being significantly intricate. Organizations are continuously introducing new benefits and payment options, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s technologically innovative period, there’s no validation for maintaining troublesome treatments. Payroll, the company’s greatest expense, should be processed properly and on time. Even slight hold-ups can negatively impact workers’ well-being and have significant effects. Therefore, it’s vital to prioritize precise and prompt payments.
The payroll group may 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 a crucial cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. Therefore, it is important to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Global Payments first payroll payment option is a great preliminary step towards providing a comprehensive payroll solution for staff members worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and bank accounts essential for global payroll are crucial consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand how how essential a role 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 procedures and likewise so think of sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of try to return to everybody so carrying on look why do business choose to main different bank accounts there are Papaya Global Closing After Trying To Update Programme organizations out there doing exactly this for particular countries and I’ve worked in a company or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and any person 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 quantity that we are I believe lots of reasons one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs altering however ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a hard thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving several savings account however there’s a big quantity of complexity chooses establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is substantial but I believe the honest answer is modification um people haven’t been able to change or have not had always the knowledge to really 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 a component of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture a number of obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you changed 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 International employees you are worthy of a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Closing After Trying To Update Programme