Over the last five or six years …Papaya Global Norway… functions on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly 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 very extremely dreary and I want I was elsewhere 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 challenge years of handling Global payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll likewise discuss a recap and that ought to leave his time at the very extremely 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 Worldwide labor forces become a growing number of typical and managing them ends up being more and more complicated Worldwide organizations are wanting to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate savings account sometimes in various 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 helping international business improve the episode complex processes of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most notably policies compliance data security and banking rules then there are the sheer numbers they add additional complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s typically an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or really extremely standard there’s no genuine consistency structure we’re living in an era of tech but payroll has 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 whenever 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 offers me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be consisted of best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 consumer’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of move on with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the compensation landscape is ending up being significantly detailed. Services are continually presenting new benefits and payment alternatives, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly innovative period, there’s no justification for maintaining troublesome procedures. Payroll, the business’s most significant cost, should be processed properly and on time. Even minor hold-ups can negatively affect workers’ well-being and have significant effects. For that reason, it’s important to focus on accurate and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. Therefore, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Using the very first Global Payments very first payroll payment solution is a great preliminary step towards providing a thorough payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account needed for worldwide payroll are essential consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we know 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 also so envision sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of try to return to everybody so moving on look why do companies choose to main different savings account there are Papaya Global Norway companies out there doing exactly this for specific nations and I’ve worked in a company or lots of businesses doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and anyone that’s dealing with that process 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 many reasons one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however 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 individuals have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering however eventually individuals are extremely stuck to what they’re familiar
with best um change is a challenging thing all of us do not like modification um so I think it’s simply kind of moving far 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 benefits of having maintaining multiple checking account but there’s a huge quantity of intricacy opts for setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is big however I think the sincere answer is modification um individuals have not 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 believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this method does present several difficulties um so Johnny might you tell us about those challenges yeah of course 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 Worldwide employees you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Norway