Over the last five or six years …Papaya Global Payroll Part Time… functions on the provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two 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 already simply to hear where everybody is um it’s nice to to type 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 very really bleak and I want I was elsewhere at this moment in time alright 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 Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up which needs to leave his time at the very 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 International workforces become increasingly more common and handling them ends up being increasingly more complex International organizations are looking to find Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment perspective numerous organizations keep different savings account just for payroll while some have several accounts in different nations does it make sense for business to keep different savings account in some cases in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international Labor force is presently 3 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 currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or really very basic there’s no genuine consistency framework 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 frequently with pen and paper and that just blows my mind whenever I I believe
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 Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide services have actually expressed that they do not 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 bad HCM data data entry errors badly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective 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 question I always toss this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 allowing us to type of move forward with that it also too to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m constantly astonished when people state I’ve split 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 often 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 but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the compensation landscape is ending up being progressively complex. Organizations are constantly introducing brand-new advantages and payment options, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly innovative age, there’s no validation for keeping troublesome treatments. Payroll, the company’s biggest expense, must be processed properly and on time. Even minor delays can adversely impact employees’ wellness and have far-reaching repercussions. Therefore, it’s crucial to focus on precise and timely payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll service for your workers worldwide again I think is another huge um process once again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of businesses and reducing 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 terms of of the thank yous for getting payroll done I have actually never 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 grievances where things have not gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean 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 need days of the week to attempt to browse them and actually see what was going on and type of try to get back to everybody so carrying on appearance why do business choose to primary different savings account there are Papaya Global Payroll Part Time businesses out there doing exactly this for specific nations and I have actually operated in an organization or lots of businesses doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anyone that’s handling 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 quantity that we are I believe numerous reasons one is it’s the requirement I think people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are very stuck to what they’re familiar
with best um change is a tough thing we all do not like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving several checking account but there’s a big amount of complexity chooses setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big however I believe the truthful response is modification um individuals haven’t been able to alter or have not had always the knowledge 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 understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to monitor and this approach does position several challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 International staff members you deserve a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Part Time