Over the last 5 or 6 years …Papaya Global Not Working… roles on the service provider side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also go over a recap and that needs to leave his time at the very extremely 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 Global workforces end up being more and more typical and managing them ends up being increasingly more complicated Global companies are aiming to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint numerous companies keep different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve different bank accounts in some cases in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business enhance the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they add further intricacy the worldwide Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 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 globe in the traditional payroll model there’s often a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or very really basic there’s no real consistency structure we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply 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 only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the data is delivered to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective 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 a good question I always throw this back and state what is it what does not need to be consisted of right and what does
it require to be considered there’s varying Bank details 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 need to pay from the customer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 permitting us to kind of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the compensation landscape is becoming significantly intricate. Companies are continually presenting brand-new benefits and payment choices, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically innovative period, there’s no justification for maintaining troublesome treatments. Payroll, the company’s greatest expenditure, must be processed correctly and on time. Even minor delays can adversely affect employees’ well-being and have far-reaching effects. For that reason, it’s important to prioritize precise and timely payments.
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first International Payments first payroll payment solution is a fantastic initial step towards offering an extensive payroll solution for employees worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and savings account essential for worldwide payroll are crucial consider attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyhow we understand how how essential 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 easy as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean up 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 require days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everybody so carrying on look why do business select to main separate checking account there are Papaya Global Not Working organizations out there doing precisely this for specific countries and I’ve worked in a business or many organizations doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anyone 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 believe many reasons one is it’s the standard I think people have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind 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 extremely stuck with what they’re familiar
with right um modification is a difficult thing we all don’t like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving numerous savings account however there’s a big quantity of intricacy chooses setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is substantial but I think the honest answer is modification um people haven’t been able to alter or haven’t had always the understanding to actually 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 understand and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or two there is a lot to monitor and this technique does position numerous difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Not Working