Over the last 5 or six years …Reprint P45 Papaya Global For Historixal Leaver… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply 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 intriguing 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 actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very bleak and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll also review a wrap-up and that must leave his time at the extremely really 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 Worldwide labor forces end up being a growing number of common and managing them becomes increasingly more intricate International companies are wanting to discover Solutions and new ways to enhance processes specifically from a payroll and cross-border payment standpoint many organizations maintain different bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep different checking account often in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking 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 tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most notably regulations compliance data security and banking rules then there are the large numbers they include additional intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s estimated 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 factor in 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 variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or very extremely basic there’s no genuine consistency structure we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on international payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of global companies have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included ideal and what does
it require 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 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if but some infants 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 fundamental and innovation is allowing us to sort of move on with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work closer together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the compensation landscape is ending up being progressively elaborate. Organizations are continuously introducing new benefits and payment alternatives, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically innovative age, there’s no reason for keeping cumbersome treatments. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even minor delays can negatively affect employees’ wellness and have significant consequences. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your staff members worldwide again I believe is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and minimizing the number of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 everybody that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everyone so proceeding appearance why do companies pick to main separate checking account there are Reprint P45 Papaya Global For Historixal Leaver businesses out there doing precisely this for particular countries and I’ve worked in a company or lots of companies doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and any person that’s dealing with that process 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 think lots of factors one is it’s the standard I believe individuals have got so used to we require a new bank 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 believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing but ultimately people are really stuck with what they’re familiar
with ideal um modification is a challenging thing all of us don’t like modification um so I think it’s just type 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 understand obviously the benefits of having keeping several savings account however there’s a big quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is big however I think the sincere response is change um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this approach does present numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I 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 feels like our CFO has gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Reprint P45 Papaya Global For Historixal Leaver