Over the last five or six years …Papaya Global Hr Software For Businesses With Tight Compliance… functions on the provider side and also on the supplier 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 just provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really dreary and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them becomes increasingly more complex Worldwide organizations are seeking to find Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment viewpoint many companies preserve different savings account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate bank accounts sometimes in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business enhance the episode complex procedures of
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most importantly policies compliance data security and banking rules then there are the large numbers they add more intricacy the global Workforce is currently 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 factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating variety of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely really fundamental there’s no real consistency structure we’re residing in a period of tech however payroll has 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 just 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 companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of global companies have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the necessary 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 obstacles service face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 right ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 enabling us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is ending up being increasingly intricate. Businesses are constantly presenting brand-new benefits and payment alternatives, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly advanced age, there’s no justification for keeping troublesome procedures. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even slight delays can negatively affect staff members’ wellness and have significant consequences. Therefore, it’s important to prioritize accurate and timely payments.
payroll group get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your employees worldwide once again I think is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of services and reducing the variety of tools platforms and savings account they need for their Worldwide 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know 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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that numerous 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 a fascinating job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everybody so moving on appearance why do business select to primary separate bank accounts there are Papaya Global Hr Software For Businesses With Tight Compliance companies out there doing exactly this for particular nations and I have actually operated in a business or numerous organizations doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we do not need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I believe individuals have got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering however eventually people are extremely stuck with what they recognize
with ideal um change is a hard thing we all don’t like modification um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping multiple bank accounts but there’s a big quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge however I believe the sincere answer is change um individuals have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does position numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Hr Software For Businesses With Tight Compliance