Over the last 5 or 6 years …Papaya Global How To Process No Pay… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 really gloomy and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll also review a recap and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them becomes a growing number of complicated Global companies are seeking to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve different savings account in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex processes of
making payroll payments properly 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 savings account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they add more complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very really basic there’s no real consistency structure 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 frequently with pen and paper which simply 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 only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is delivered to the wrong 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 world payroll and payments do not run efficiently if they rely on the required numerous 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 service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought of 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the settlement landscape is becoming increasingly complex. Companies are continually presenting new benefits and payment options, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically innovative age, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even small hold-ups can adversely affect workers’ wellness and have significant effects. Therefore, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a great first step um supplying an end-to-end payroll service for your employees internationally again I think is another huge um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of services and lowering the variety of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of try to get back to everyone so proceeding look why do companies choose to primary different checking account there are Papaya Global How To Process No Pay companies out there doing exactly this for specific countries and I’ve operated in an organization or numerous businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not need to and anybody 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 amount that we are I think many factors one is it’s the standard I think people have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many 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 requires changing however eventually individuals are extremely stuck to what they recognize
with right um change is a tough thing we all don’t like modification 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 great deal of track of stuff um I comprehend certainly the benefits of having maintaining several checking account however there’s a huge quantity of complexity goes with setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is big but I think the truthful response is change um individuals haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to monitor and this approach does posture numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you switched 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 Worldwide employees you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global How To Process No Pay