Over the last five or six years …Papaya Global Pension Deductions… roles on the company side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give 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 kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone 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 sunlight is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish 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 Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise go over a recap which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them becomes more and more complicated International organizations are looking to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint numerous companies maintain different bank account just for payroll while some have several accounts in different countries does it make good sense for business to preserve different bank accounts often in various countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 around the world in the conventional payroll design there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely basic there’s no real consistency structure we’re residing in a period of tech however payroll has actually been sluggish 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 provide 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 provides me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of global organizations have 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 due to time reporting poor HCM data information entry errors inadequately interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the information is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the required multiple procedures 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 challenges business face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be included right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you need 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 best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 ultimately 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 also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the payment landscape is becoming increasingly complex. Organizations are constantly presenting brand-new advantages and payment options, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s highly advanced era, there’s no justification for keeping troublesome procedures. Payroll, the business’s greatest expense, must be processed correctly and on time. Even small hold-ups can negatively impact employees’ well-being and have far-reaching effects. Therefore, it’s critical to prioritize accurate and prompt payments.
The payroll group might 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 important cycle, and individuals only observe when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. Therefore, it is essential to guarantee that jobs like Wi-Fi Global and other vital matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a fantastic initial action towards offering a thorough payroll solution for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account necessary for international payroll are key factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
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 everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was just gon na state picture the amount 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 possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision 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 in fact see what was going on and kind of shot to get back to everybody so moving on appearance why do companies choose to primary different checking account there are Papaya Global Pension Deductions services out there doing exactly this for specific nations and I’ve operated in a service or lots of companies doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and anybody that’s dealing with 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 amount that we are I think many reasons one is it’s the standard I think people have got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have 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 many other methods um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but eventually individuals are extremely stuck to what they’re familiar
with right um change is a tough thing we all don’t like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping multiple bank accounts but there’s a huge quantity of complexity opts for establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is big but I believe the truthful response is modification um people haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to track and this approach does position several obstacles um so Johnny might you inform 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’s like 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 workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Pension Deductions