Over the last five or 6 years …Papaya Global V23 Update… functions on the provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly 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 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 challenge years of handling International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll checking 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 also discuss a wrap-up 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them becomes increasingly more complicated Worldwide companies are seeking to find Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment perspective lots of organizations preserve different savings account just for payroll while some have several accounts in different countries does it make good sense for companies to keep different savings account in some cases in various nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Labor force is currently 3 and a half billion individuals 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 businesses and growing all doing their own thing all over the world in the standard payroll model there’s typically an overwhelming number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very standard 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 frequently with pen and paper and that simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary numerous procedures 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 obstacles company face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be included best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to kind of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on wellness and the settlement landscape is becoming increasingly detailed. Companies are continuously presenting brand-new advantages and payment choices, which contributes to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technologically sophisticated age, there’s no reason for maintaining troublesome procedures. Payroll, the company’s greatest expense, must be processed correctly and on time. Even small delays can adversely impact employees’ wellness and have significant consequences. For that reason, it’s critical to focus on precise and timely payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone 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 individuals only notice when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first Worldwide Payments first payroll payment service is an excellent preliminary action towards supplying a detailed payroll solution for staff members worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and bank accounts required for international payroll are crucial factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand how how essential a role 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 associated with those processes and also so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everyone so moving on appearance why do companies pick to main separate bank accounts there are Papaya Global V23 Update businesses out there doing exactly this for particular nations and I’ve worked in a business or lots of companies doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and any person 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 quantity that we are I believe numerous reasons one is it’s the requirement I think people have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering however eventually people are extremely stuck with what they recognize
with best um modification is a challenging thing we all do not like modification um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining several bank accounts but there’s a big quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is substantial but I believe the honest response is change um individuals haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly 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 know what might nearly be determined to be the next Century or two there is a lot to track and this method does pose numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification 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 actually gotten another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global V23 Update