Over the last five or six years …Papaya Global Year End Checklist… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 extremely very dreary and I want 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 taking a look at the difficulty years of handling Global payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and handling them becomes a growing number of intricate Global companies are seeking to discover Solutions and new methods to improve processes particularly from a payroll and cross-border payment viewpoint numerous companies preserve different checking account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep separate bank accounts often in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies simplify the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most notably policies compliance data security and banking rules then there are the sheer numbers they include further intricacy the international Workforce 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 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 standard payroll model there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or really extremely standard there’s no real consistency structure we’re residing in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the typical cost of an international 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 do not run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a great question I always throw this back and state what is it what does not require to be consisted of best and what does
it need to be thought of 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 essential and innovation is enabling us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the compensation landscape is becoming increasingly complex. Services are constantly introducing brand-new benefits and payment alternatives, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly sophisticated era, there’s no validation for preserving cumbersome procedures. Payroll, the company’s biggest expense, need to be processed correctly and on time. Even minor hold-ups can adversely impact workers’ well-being and have far-reaching consequences. For that reason, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think 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 stuff is absolutely important that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll option for your staff members internationally once again I believe is another substantial um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and savings account they require for their International 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate 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 meant to be um I do not believe any of us are really doing that for for the thanks
anyway 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 simple as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everyone so proceeding appearance why do companies pick to primary different checking account there are Papaya Global Year End Checklist organizations out there doing precisely this for specific nations and I’ve operated in a service or numerous organizations doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anybody 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 believe many reasons one is it’s the requirement I think individuals have got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it needs changing but ultimately people are very stuck to what they recognize
with right um modification is a difficult thing all of us do not like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving multiple savings account but there’s a big amount of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is big however I think the honest answer is change um people have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep track of and this technique does posture several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Year End Checklist