Over the last 5 or 6 years …The Papaya Global Payroll… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 extremely extremely bleak and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap which should 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 Global workforces become increasingly more common and managing them ends up being a growing number of complex International organizations are seeking to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment viewpoint numerous organizations maintain different bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain different savings account often in various countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex processes of
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most notably policies compliance information security and banking rules then there are the large numbers they add additional complexity 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 more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll design there’s typically a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or really very standard there’s no genuine consistency framework we’re living in an era 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 frequently with pen and paper which just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international companies have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the necessary several processes 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 obstacles business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what does not require to be included best and what does
it require to be thought of 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 technology is allowing us to kind of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work better together than ever um I’m always impressed 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 profession 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 often 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 also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the settlement landscape is becoming progressively detailed. Services are constantly presenting brand-new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically innovative period, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s greatest cost, should be processed properly and on time. Even minor hold-ups can negatively affect employees’ wellness and have significant repercussions. For that reason, it’s critical to prioritize accurate and timely payments.
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually 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 see when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally too. For that reason, it is necessary to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first International Payments first payroll payment option is an excellent preliminary step towards offering an extensive payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account essential for global payroll are key consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand how how essential 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everybody so carrying on appearance why do companies select to main separate savings account there are The Papaya Global Payroll services out there doing precisely this for specific countries and I have actually operated in a business or numerous organizations doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anyone that’s handling 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 believe numerous reasons one is it’s the requirement I think individuals have got so utilized to we need a new savings account we open an entity and appropriately so you need 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 standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing however eventually individuals are very stuck with what they recognize
with ideal um change is a hard thing all of us don’t like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving numerous bank accounts but there’s a big quantity of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is huge however I think the truthful answer is change um people haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does pose several obstacles um so Johnny could you tell us about those challenges 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion 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 accomplishments. The Papaya Global Payroll