Over the last five or 6 years …Papaya Global Faq… roles on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really gloomy and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business 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 improving papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap which needs 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and handling them ends up being more and more complicated International companies are looking to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment perspective numerous companies maintain separate savings account just for payroll while some have several accounts in various nations does it make sense for business to keep different bank accounts in some cases in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they add additional intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there’s often an overwhelming number of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely very standard there’s no genuine consistency framework we’re residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply 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 Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included best 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 time frames 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the payment landscape is ending up being progressively elaborate. Organizations are constantly introducing brand-new advantages and payment options, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly sophisticated period, there’s no justification for keeping cumbersome procedures. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even slight delays can negatively impact employees’ well-being and have significant consequences. Therefore, it’s crucial to focus on accurate and timely payments.
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see 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 vital to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the very first International Payments very first payroll payment service is a fantastic preliminary action towards offering an extensive payroll service for workers worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account required for international payroll are essential consider achieving business success. While we do not expect 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 gratitude.
anyhow we know how how crucial a function 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 involved in those procedures and also so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine 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 in fact see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies choose to primary separate bank accounts there are Papaya Global Faq organizations out there doing exactly this for particular countries and I have actually operated in a service or lots of companies doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think people have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a procedure that needs taking a look at it needs altering but eventually individuals are really stuck with what they’re familiar
with right um change is a challenging thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving numerous savings account but there’s a big quantity of complexity goes with establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is big however I believe the truthful response is modification um people have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually constantly 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 practically be determined to be the next Century or two there is a lot to keep track of and this technique does present numerous challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply 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 workers you should have a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Faq