Over the last five or six years …Http Help.Papaya Global.Com… roles on the supplier side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates 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 extremely dreary and I want I was somewhere else at this moment in time alright 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 business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also go over a wrap-up and that needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them becomes more and more complicated International organizations are wanting to discover Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint many organizations preserve separate checking account just for payroll while some have several accounts in different nations does it make good sense for business to preserve separate checking account in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex procedures of
making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they include more intricacy the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 around the globe in the conventional payroll design there’s frequently an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very very basic there’s no genuine consistency structure we’re living in an age of tech however payroll has 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 whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company spends on worldwide payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the needed numerous 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 challenges service face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 complexity wherever you look ideal eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely 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 allowing us to sort of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m always impressed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the settlement landscape is becoming significantly intricate. Companies are constantly presenting brand-new benefits and payment options, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technically advanced era, there’s no reason for preserving troublesome treatments. Payroll, the business’s biggest expense, must be processed properly and on time. Even small hold-ups can negatively affect employees’ wellness and have significant repercussions. For that reason, it’s crucial to focus on accurate and prompt payments.
The payroll team might not have actually been thanked for correctly processing payroll during 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 a crucial cycle, and people only notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is important to ensure that tasks like Wi-Fi Worldwide and other important matters are done properly. Using the very first Global Payments very first payroll payment solution is a terrific preliminary action towards supplying a thorough payroll option for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and checking account necessary for global payroll are crucial consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how essential 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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true 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 try to return to everyone so moving on look why do business choose to primary different checking account there are Http Help.Papaya Global.Com companies out there doing precisely this for particular nations and I’ve worked in an organization or lots of services doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think individuals have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it requires changing but ultimately people are very stuck to what they recognize
with ideal um change is a hard thing we all don’t like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving numerous checking account but there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is substantial but I think the truthful response is modification um individuals haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to monitor and this method does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range 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 International staff members you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Http Help.Papaya Global.Com