Over the last 5 or six years …Papaya Global Not Posting Nominal Link… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting 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 originates 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 drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll likewise go over a recap and that ought to leave his time at the really extremely 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 Global workforces become increasingly more typical and handling them ends up being more and more intricate Global companies are seeking to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment perspective many organizations maintain separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to keep separate checking account sometimes in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses 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 sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most importantly policies compliance data security and banking rules then there are the large numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll design there’s typically an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or very very basic there’s no genuine consistency structure we’re residing in an era of tech however payroll has 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 only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global companies have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the wrong place 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 globe payroll and payments do not run smoothly if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what does not need to be included ideal and what does
it require 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 abilities 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 client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is definitely important but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the settlement landscape is becoming progressively intricate. Companies are constantly presenting brand-new advantages and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically advanced era, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s most significant expenditure, need to be processed correctly and on time. Even slight delays can negatively impact staff members’ wellness and have far-reaching effects. For that reason, 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 terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a terrific initial step um supplying an end-to-end payroll service for your employees internationally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of services and minimizing the number of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role 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 everyone that’s associated with those processes and also so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying 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 really see what was going on and type of try to return to everybody so moving on appearance why do companies choose to main separate savings account there are Papaya Global Not Posting Nominal Link companies out there doing exactly this for specific countries and I’ve worked in a company or many organizations doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anyone that’s managing that process 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 believe numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new checking 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 believe it’s simply been the standard 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 numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing but ultimately individuals are really stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I believe 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 comprehend obviously the benefits of having maintaining multiple checking account but there’s a substantial quantity of complexity opts for establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge but I believe the honest answer is modification um people haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to monitor and this method does posture numerous challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I recently made a change to our Business 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 gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Not Posting Nominal Link