Over the last 5 or 6 years …Papaya Global מניה… roles on the provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually 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 really extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll also review a wrap-up and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes a growing number of intricate Global companies are wanting to find Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment viewpoint numerous companies preserve different bank account just for payroll while some have several accounts in various countries does it make sense for companies to keep different savings account sometimes in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated 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 companies and growing all doing their own thing worldwide in the traditional payroll model there’s often a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely very standard there’s no real consistency framework we’re living 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 just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in international payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international companies have expressed 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 due to time reporting poor HCM information data entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be consisted of ideal 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 nation there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m always impressed when people say I have actually 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 often 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the payment landscape is ending up being increasingly elaborate. Organizations are continually presenting new advantages and payment alternatives, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly advanced age, there’s no validation for preserving troublesome treatments. Payroll, the company’s biggest cost, must be processed properly and on time. Even small hold-ups can adversely affect staff members’ well-being and have significant repercussions. For that reason, it’s crucial to focus on accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 things is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a great primary step um offering an end-to-end payroll option for your workers worldwide again I believe is another huge um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of services and minimizing the number of tools platforms and checking 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 ever had a hundred countless them within a payroll cycle don’t 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 meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know 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 imagine sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean 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 try to browse them and really see what was going on and kind of try to return to everyone so proceeding appearance why do companies choose to primary different bank accounts there are Papaya Global מניה businesses out there doing exactly this for specific nations and I’ve operated in a service or numerous businesses doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but 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 passed by to add to that individuals have actually looked 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 requires looking at it requires altering but ultimately individuals are really stuck with what they’re familiar
with right um modification is a tough thing all of us do not like modification um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping numerous bank accounts but there’s a big amount of complexity goes with setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is huge but I believe the honest answer is modification um individuals haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit 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 always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or two there is a lot to monitor and this approach does posture several difficulties um so Johnny could you tell us about those difficulties yeah of course 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 jobs on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global מניה