Over the last five or 6 years …Papaya Global Launcher Not Working… roles on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I want 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 obstacle years of handling International payroll why companies keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise go over a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them ends up being more and more intricate Global organizations are wanting to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint lots of organizations preserve different checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different bank accounts in some cases in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most notably guidelines compliance information security and banking guidelines then there are the large numbers they add additional complexity the global Labor force is presently 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 currently 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 world in the standard payroll model there’s typically an overwhelming number of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really very basic there’s no genuine consistency framework we’re living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average cost 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 don’t run smoothly if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be consisted of best 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 time frames there’s payment abilities 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 client’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 permitting us to type of progress with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on wellness and the settlement landscape is becoming progressively detailed. Businesses are constantly introducing new benefits and payment alternatives, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly advanced period, there’s no reason for preserving cumbersome treatments. Payroll, the company’s greatest expense, must be processed properly and on time. Even small hold-ups can adversely impact staff members’ well-being and have significant repercussions. For that reason, it’s important to focus on precise and timely payments.
payroll team get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll service for your workers globally again I believe is another huge um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of companies and lowering the variety of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture 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 sort of try to get back to everyone so proceeding look why do business select to primary different checking account there are Papaya Global Launcher Not Working services out there doing exactly this for specific countries and I have actually operated in an organization or lots of businesses doing exactly that I can state it does not always 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 don’t need to and any person 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 amount that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering however eventually individuals are extremely stuck to what they’re familiar
with best um modification is a difficult thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping several checking account but there’s a big amount of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is huge however I believe the truthful answer is change um people haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this approach does pose several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Launcher Not Working