Over the last five or six years …Should I Use Papaya Global Payroll Services… functions on the company side and likewise on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll also review a wrap-up which must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them ends up being increasingly more intricate International companies are looking to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment perspective numerous companies preserve separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate checking account often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most notably policies compliance information security and banking rules then there are the large numbers they add further complexity the international Workforce is presently 3 and a half billion people 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 factor in that there are some 230 million services and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely very basic there’s no genuine 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 often with pen and paper which just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 intricacy wherever you look right eventually building 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 look at the type of link in between fintech and payroll it’s closer than ever I think 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 finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on wellness and the compensation landscape is becoming progressively complex. Businesses are continually introducing new advantages and payment options, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly innovative period, there’s no reason for keeping cumbersome treatments. Payroll, the business’s biggest expense, should be processed properly and on time. Even slight hold-ups can negatively affect employees’ wellness and have far-reaching effects. For that reason, it’s vital to prioritize precise and timely payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just observe when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first International Payments first payroll payment service is an excellent preliminary action towards offering a detailed payroll solution for workers worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account necessary for international payroll are crucial factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we understand how how important 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 everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous 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 an intriguing job attempting 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 require 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 everyone so carrying on look why do companies select to main separate savings account there are Should I Use Papaya Global Payroll Services organizations out there doing precisely this for specific countries and I’ve worked in a service or lots of organizations doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not need to and anyone that’s managing that procedure 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 standard I believe individuals have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing but ultimately individuals are really stuck with what they recognize
with best um modification is a tough thing all of us do not like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping several bank accounts but there’s a big quantity of intricacy goes with establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is huge however I believe the sincere answer is modification um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does present a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Should I Use Papaya Global Payroll Services