Over the last 5 or six years …Papaya Global Employees Payroll Calendar… roles on the supplier side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also go over a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and managing them ends up being more and more complicated Worldwide organizations are wanting to find Solutions and new ways to enhance processes especially from a payroll and cross-border payment standpoint many companies keep different bank account just for payroll while some have several accounts in various countries does it make sense for companies to keep separate bank accounts in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they add further intricacy the worldwide Labor force is currently three and a half billion people 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 around the world in the conventional payroll model there’s frequently a frustrating number of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or really extremely standard there’s no genuine consistency structure we’re residing in an age 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 every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of global businesses have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be included best and what does
it require to be considered 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you 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 basic and technology is allowing us to type of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed 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 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the settlement landscape is becoming significantly intricate. Companies are continuously presenting brand-new benefits and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly innovative era, there’s no validation for preserving cumbersome procedures. Payroll, the company’s greatest cost, must be processed correctly and on time. Even minor hold-ups can negatively affect staff members’ well-being and have significant repercussions. For that reason, it’s important to focus on precise and timely payments.
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only discover when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. Therefore, it is vital to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment service is an excellent initial action towards providing a detailed payroll option for workers worldwide. Standardization, global processes, and reducing the number of tools, platforms, and checking account needed for global payroll are key consider accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how crucial 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 everyone that’s associated with those processes and also so envision sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task 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 need days of the week to try to look through them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to main separate bank accounts there are Papaya Global Employees Payroll Calendar organizations out there doing exactly this for particular countries and I’ve worked in an organization or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for any person where we do not need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think 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 believe individuals have got so utilized to we require a new bank account we open an entity and rightly so you need 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 requirement and the norm the people 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 many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing but eventually people are really stuck to what they’re familiar
with best um modification is a tough thing all of us don’t like modification um so I believe 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 things um I understand certainly the advantages of having keeping multiple checking account but there’s a huge amount of intricacy chooses setting up a savings account preserving it guaranteeing 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 honest response is change um people have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to track and this method does position a number of challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Employees Payroll Calendar