Over the last five or 6 years …Cancel Papaya Global Account… functions on the company side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really 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 extremely really uninspiring and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a recap and that ought to leave his time at the very 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 Worldwide labor forces end up being more and more common and handling them becomes increasingly more complicated Worldwide organizations are looking to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment viewpoint numerous companies preserve separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to preserve separate checking account often in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll 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 simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the international Workforce is presently three and a half billion individuals 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 factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s typically an overwhelming number of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely standard there’s no genuine consistency framework we’re living in a period 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 whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international 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 inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the average expense 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 around the world payroll and payments don’t run smoothly if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what does not require to be included best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is ending up being significantly complex. Businesses are continuously presenting new advantages and payment options, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technically innovative period, there’s no validation for preserving cumbersome procedures. Payroll, the business’s biggest expense, need to be processed correctly and on time. Even small hold-ups can negatively impact workers’ wellness and have significant consequences. For that reason, it’s vital to prioritize accurate and timely payments.
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. For that reason, it is essential to guarantee that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the very first Global Payments first payroll payment solution is a fantastic initial action towards offering an extensive payroll solution for employees worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and savings account essential for global payroll are essential consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how crucial 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 processes and likewise so imagine sorry I’m just I was simply gon na state picture 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 discussing numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and type of try to return to everyone so proceeding look why do business choose to primary different bank accounts there are Cancel Papaya Global Account companies out there doing precisely this for specific countries and I’ve operated in a business or numerous companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anybody that’s handling 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 many factors one is it’s the requirement I think individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals 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 methods um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires changing but ultimately individuals are really stuck to what they recognize
with best um modification is a hard thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving numerous savings account but there’s a huge quantity of complexity goes with setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is big however I believe the sincere answer is change 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 savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny might you tell us about those difficulties 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Cancel Papaya Global Account