Over the last 5 or 6 years …Papaya Global Online… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give 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 quite 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 everybody originates from and I really do hope it’s much sunnier than it remains 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 really really dreary and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise review a recap which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them becomes more and more complex International organizations are aiming to find Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment viewpoint lots of companies keep separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain different savings account sometimes in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 traditional payroll design there’s frequently an overwhelming variety of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very extremely standard there’s no genuine consistency structure we’re living in an age of tech but payroll has actually 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 simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce 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 presence also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international companies have actually revealed 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 information entry mistakes badly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical cost of an international information 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 needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be consisted of ideal 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 country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to sort of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed 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 anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying people wherever 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 elaborate. Businesses are continuously presenting new advantages and payment choices, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technically advanced period, there’s no validation for preserving troublesome treatments. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even small hold-ups can negatively impact staff members’ well-being and have far-reaching effects. Therefore, it’s critical to focus on accurate and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. Therefore, it is vital to make sure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the very first Global Payments very first payroll payment option is a great initial step towards offering a thorough payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and checking account needed for worldwide payroll are key consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we understand 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 everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so moving on look why do business pick to main separate bank accounts there are Papaya Global Online organizations out there doing precisely this for particular countries and I have actually worked in a company or lots of businesses doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for any person where we don’t have to and anybody that’s managing that procedure 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 think lots of factors 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 need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing however ultimately people are very stuck to what they’re familiar
with ideal um change is a challenging thing we all do not like modification um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping several savings account however there’s a huge quantity of intricacy goes with setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is big however I believe the sincere response is modification um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you have actually struck 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 real 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 figured out to be the next Century or so there is a lot to keep an eye on and this technique does posture numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Online