Over the last 5 or six years …Year To Date Value Papaya Global Youtube… roles on the provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide 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 intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody 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 drizzling here it’s really extremely bleak and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also review a wrap-up which ought to leave his time at the very really 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 Global labor forces become more and more common and managing them ends up being more and more complex Global companies are aiming to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective many organizations preserve separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve different savings account in some cases in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most importantly regulations compliance data security and banking rules then there are the sheer numbers they add more complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there’s often a frustrating number of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really extremely standard there’s no genuine consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of an image they see an absence of presence also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the needed several processes systems and partners it is just 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 require to be consisted of ideal and what does
it require to be considered there’s varying Bank details 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to type of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 typically 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the payment landscape is becoming significantly elaborate. Companies are continually introducing new benefits and payment options, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically innovative era, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s biggest expenditure, must be processed correctly and on time. Even slight hold-ups can adversely impact staff members’ wellness and have significant repercussions. Therefore, it’s crucial to prioritize precise and prompt payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only see when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the very first International Payments very first payroll payment service is a fantastic preliminary step towards offering a comprehensive payroll service for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account essential for worldwide payroll are crucial factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyhow we understand how how important a role 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 associated with those procedures and likewise so envision sorry I’m just I was simply gon na say envision the quantity 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 possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t picture 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 really see what was going on and type of try to get back to everyone so moving on look why do companies select to primary different checking account there are Year To Date Value Papaya Global Youtube services out there doing exactly this for specific nations and I’ve operated in an organization or numerous businesses 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 producing additional 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 believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I believe people have got so utilized to we need a brand-new bank account we open an entity and rightly so you require 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 norm the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs changing however eventually individuals are extremely stuck with what they’re familiar
with best um change is a difficult thing we all do not like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping multiple checking account however there’s a big amount of complexity goes with establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge however I think the honest answer is change um people have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just did you changed 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 Worldwide employees you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Year To Date Value Papaya Global Youtube