Over the last 5 or six years …Gm Papaya Global Challenges… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather 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 everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a wrap-up which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring 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 a growing number of complex Global organizations are aiming to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint many organizations maintain separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain separate savings account in some cases in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is currently three and a half billion people 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming number of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency structure we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global 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 bad HCM data data entry errors poorly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the data is delivered to the wrong location the average expense of an international 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 smoothly if they rely on the required multiple 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 business face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be included right and what does
it require to be thought of there’s varying Bank details 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 customer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 technology is enabling us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly amazed 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 occupation would they divide 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 process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on wellness and the compensation landscape is ending up being increasingly detailed. Companies are constantly presenting new benefits and payment options, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s highly sophisticated era, there’s no justification for preserving cumbersome treatments. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even minor delays can negatively impact staff members’ wellness and have far-reaching consequences. Therefore, it’s important to prioritize accurate and timely payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. Therefore, it is essential to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a fantastic initial step towards providing an extensive payroll option for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and savings account required for worldwide payroll are key factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important a role 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 likewise so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of try to return to everybody so moving on look why do business select to main different bank accounts there are Gm Papaya Global Challenges services out there doing precisely this for particular nations and I’ve worked in a company or lots of businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anybody 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 think many reasons one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions but 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 embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing however ultimately people are extremely stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping multiple checking account however there’s a big quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is huge but I believe the truthful answer is change um individuals haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly 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 could almost be figured out to be the next Century approximately there is a lot to track and this technique does present several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety 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 gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Gm Papaya Global Challenges