Over the last 5 or six years …Papaya Global Payroll Bitcoin… functions on the supplier side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and handling them becomes increasingly more complicated Global organizations are looking to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment perspective numerous organizations keep separate savings account just for payroll while some have several accounts in different nations does it make good sense for business to keep different savings account sometimes in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add additional intricacy the global Workforce is currently 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 presently 500 million just for for a scale then consider that there are some 230 million businesses 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 time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely extremely basic there’s no genuine consistency structure we’re residing in an era 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 often 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 only 11 of companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide companies have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the data is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend 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 difficulties business face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought of there’s varying Bank details 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 customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 essential and technology is enabling us to kind of move forward with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely vital that payroll and finance teams work better together than ever um I’m constantly amazed when people say I have actually divided 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 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on well-being and the compensation landscape is becoming progressively elaborate. Organizations are continually introducing brand-new advantages and payment options, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s highly advanced age, there’s no validation for keeping troublesome procedures. Payroll, the business’s biggest expense, should be processed correctly and on time. Even slight delays can adversely affect employees’ wellness and have far-reaching effects. For that reason, it’s crucial to focus on accurate and prompt payments.
The payroll team may not have been thanked for correctly processing payroll during 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 an important cycle, and people just notice when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first International Payments first payroll payment solution is a great preliminary step towards offering a comprehensive payroll solution for staff members worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account essential for worldwide payroll are crucial factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we understand how how essential a function 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 involved in those procedures and likewise so envision sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about 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 definitely be an interesting job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and type of shot to get back to everybody so proceeding appearance why do companies choose to main separate checking account there are Papaya Global Payroll Bitcoin businesses out there doing precisely this for particular countries and I have actually worked in a company or numerous businesses doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and anyone 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 amount that we are I believe numerous reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs changing but ultimately individuals are really stuck with what they’re familiar
with best um modification is a difficult thing we all do not like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving numerous checking account but there’s a substantial quantity of intricacy goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is big however I think the sincere response is change um people haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know 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 a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just 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 seems like our CFO has acquired another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Bitcoin