Over the last five or 6 years …Papaya Global Vn… functions on the 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 very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days 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 comes from and I truly do hope it’s much sunnier than it remains 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 really very dreary and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also review a wrap-up and that should leave his time at the really extremely 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 Worldwide workforces end up being more and more common and handling them becomes more and more intricate Worldwide companies are looking to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate bank account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve different checking account sometimes in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really really standard there’s no real consistency framework we’re living in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent question 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 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 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 however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to kind of progress with that it likewise as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m constantly astonished 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 work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on wellness and the compensation landscape is becoming progressively intricate. Services are continually presenting brand-new advantages and payment alternatives, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technically innovative period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s most significant expense, should be processed properly and on time. Even small delays can adversely impact employees’ well-being and have far-reaching effects. Therefore, it’s vital to focus on accurate and timely payments.
payroll group get um so I’m unsure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll solution for your workers globally again I believe is another huge um procedure once again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of companies and decreasing the variety of tools platforms and savings account they need for their Global payroll too couldn’t 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 don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 associated with those procedures and also so envision sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everybody so proceeding appearance why do companies choose to main different savings account there are Papaya Global Vn organizations out there doing precisely this for particular countries and I’ve worked in a company or many services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering however ultimately individuals are really stuck with what they recognize
with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining several checking account however there’s a huge amount of intricacy chooses establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is big however I think the truthful answer is change um people haven’t had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to monitor and this method does pose a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just 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 feels like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Vn