Over the last 5 or 6 years …Papaya Global Latest Update 2023… roles on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody 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 extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the global Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 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 globe in the traditional payroll design there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely basic 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 often with pen and paper and that simply blows my mind each 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 businesses state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global companies 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 errors are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the essential multiple processes 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 challenges company face when they’re paying to employees or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s varying Bank details 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 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 best eventually developing a knowledge base is definitely vital 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 take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly impressed 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 computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply looking to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine difficult sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect perspective on workers it is absolutely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been impressed coming into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually 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 just discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally too. Therefore, it is important to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first International Payments very first payroll payment option is a fantastic initial action towards supplying an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking 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 sometimes get a couple of complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important 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 simple as possible for everybody that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do business select to primary separate bank accounts there are Papaya Global Latest Update 2023 organizations out there doing exactly this for particular nations and I’ve operated in a service or lots of businesses doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe people have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing however eventually individuals are really stuck to what they’re familiar
with best um change is a challenging thing we all don’t like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving numerous savings account however there’s a huge quantity of complexity chooses establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I believe the sincere answer is change um individuals have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to track and this approach does pose numerous difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Latest Update 2023