Over the last 5 or 6 years …Papaya Global Change Employee Reference… functions on the supplier side and likewise on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another number 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also review a recap which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring 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 complex Worldwide organizations are looking to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment viewpoint numerous companies maintain separate checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve different bank accounts often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they include more complexity the international Labor force 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s often a frustrating number of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely extremely standard there’s no real consistency framework we’re residing in an age 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 often with pen and paper and that simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be consisted of right 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 country 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 have to pay from the customer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market 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 data 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 settlement landscape is becoming progressively detailed. Businesses are constantly introducing brand-new benefits and payment alternatives, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically advanced period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even slight hold-ups can negatively impact workers’ well-being and have far-reaching repercussions. For that reason, it’s crucial to focus on accurate and timely payments.
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. Therefore, it is essential to guarantee that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first International Payments first payroll payment solution is a fantastic preliminary step towards supplying a thorough payroll solution for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and checking account essential for global payroll are key consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how important a function 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 procedures and likewise so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely 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 check out them and in fact see what was going on and kind of shot to return to everybody so proceeding look why do companies select to main separate savings account there are Papaya Global Change Employee Reference services out there doing precisely this for specific nations and I have actually operated in a business or numerous businesses doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we do not need to and anyone that’s managing 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 believe many factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new checking 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 simply 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 actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering however eventually people are very stuck with what they’re familiar
with right um modification is a challenging thing we all don’t like modification um so I believe it’s just kind 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 obviously the benefits of having preserving numerous savings account however there’s a huge quantity of complexity goes with setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is big however I believe the sincere answer is change um individuals haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this approach does posture numerous obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Change Employee Reference