Over the last five or six years …Papaya Global Guide… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay 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 type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly 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 extremely really bleak and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise go over a wrap-up and that must leave his time at the very 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 labor forces become a growing number of common and managing them becomes a growing number of complex Worldwide companies are looking to discover Solutions and new methods to simplify processes specifically from a payroll and cross-border payment viewpoint numerous organizations maintain separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain separate bank accounts in some cases in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance 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 Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance information security and banking rules then there are the large numbers they include additional complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll design there’s frequently a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or very very standard there’s no real consistency structure we’re living in a period 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 and that simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential several processes 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 difficulties business face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s varying 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 have to pay from the client’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble very payments no if but 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to sort of progress with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work better together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the settlement landscape is becoming increasingly detailed. Businesses are constantly introducing brand-new advantages and payment options, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technologically sophisticated period, there’s no justification for keeping cumbersome procedures. Payroll, the company’s most significant cost, must be processed correctly and on time. Even slight hold-ups can adversely impact employees’ well-being and have far-reaching effects. For that reason, it’s critical to focus on precise and prompt payments.
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only see when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. For that reason, it is essential to ensure that jobs like Wi-Fi International and other essential matters are done correctly. Using the very first Worldwide Payments very first payroll payment service is a terrific preliminary step towards providing a detailed payroll solution for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and savings account required for worldwide payroll are crucial factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we know 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 everybody that’s associated with those processes and also so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely 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 attempt to browse them and really see what was going on and kind of try to return to everybody so carrying on look why do business pick to primary separate checking account there are Papaya Global Guide organizations out there doing precisely this for particular nations and I’ve operated in a business or many organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I think individuals have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs changing but ultimately people are very stuck to what they recognize
with best um modification is a difficult thing we all don’t like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping several savings account but there’s a huge quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge however I believe the sincere response is change um people have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look 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 so there is a lot to track and this approach does pose several obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Guide