Over the last five or 6 years …Contact Papaya Global Payroll… functions on the company side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately 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 simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely dreary and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap which ought to leave his time at the very really 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 become increasingly more common and handling them ends up being more and more complicated Worldwide organizations are aiming to find Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint lots of organizations maintain different bank account just for payroll while some have numerous accounts in various nations does it make sense for business to keep different checking account in some cases in various nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business improve the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is currently 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 businesses and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no genuine consistency framework we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on international payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the essential numerous processes 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 difficulties company face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be consisted of ideal 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 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m always amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying individuals anywhere 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 ending up being increasingly detailed. Services are continuously presenting new advantages and payment options, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative period, there’s no justification for preserving cumbersome treatments. Payroll, the business’s biggest cost, should be processed correctly and on time. Even small delays can negatively affect staff members’ wellness and have significant consequences. Therefore, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a terrific first step um supplying an end-to-end payroll solution for your staff members worldwide once again I think is another huge um process once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and minimizing the number of tools platforms and checking account they need 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 thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems 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
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 procedures and likewise so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of shot to return to everyone so moving on appearance why do business select to main different savings account there are Contact Papaya Global Payroll services out there doing exactly this for specific nations and I’ve operated in an organization or many organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and any person 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 amount that we are I believe many factors one is it’s the requirement I think people have got so utilized to we require a new bank 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 believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it needs altering but eventually individuals are extremely stuck with what they’re familiar
with right um modification is a tough thing all of us do not like change um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving multiple checking account however there’s a huge amount of intricacy chooses establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge but I think the sincere answer is modification um individuals haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does posture numerous obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just 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 Worldwide workers you should have a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Contact Papaya Global Payroll