Over the last 5 or 6 years …Papaya Global Peo Reviews… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 drizzling here it’s really extremely uninspiring and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and managing them becomes increasingly more complex Worldwide companies are wanting to discover Solutions and new methods to enhance procedures especially from a payroll and cross-border payment standpoint many organizations maintain separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to maintain separate savings account in some cases in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging 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 reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people 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 design there’s frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very very basic 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 which simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to sort of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the payment landscape is becoming progressively elaborate. Organizations are continually presenting brand-new advantages and payment choices, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s technically innovative era, there’s no justification for keeping cumbersome procedures. Payroll, the business’s biggest cost, must be processed properly and on time. Even small delays can adversely impact employees’ well-being and have significant repercussions. Therefore, it’s important to prioritize precise and timely payments.
payroll group get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is an excellent primary step um providing an end-to-end payroll solution for your staff members internationally once again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how essential 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 easy as possible for everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture 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 actually see what was going on and kind of shot to get back to everyone so proceeding look why do business pick to primary separate bank accounts there are Papaya Global Peo Reviews organizations out there doing precisely this for specific countries and I have actually worked in a business or many companies doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anybody where we don’t have to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately 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 just been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering but ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing we all don’t like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining numerous bank accounts but there’s a huge quantity of complexity chooses establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is big however I think the honest answer is change um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this approach does posture numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Peo Reviews