Over the last 5 or six years …Papaya Global Adding Person To Payroll… roles on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 extremely really bleak and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also go over a wrap-up which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them becomes increasingly more complicated Worldwide companies are looking to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment perspective many organizations preserve different savings account just for payroll while some have numerous accounts in various nations does it make sense for business to keep different savings account sometimes in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they add further intricacy the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there’s frequently a frustrating variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very very fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has actually 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 simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members 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 ideal and what does
it require 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely critical but 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 look at the sort 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 absolutely fundamental and innovation is allowing us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work better together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is ending up being progressively detailed. Businesses are continually presenting new benefits and payment options, which adds to the total complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s technically sophisticated period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s biggest expenditure, must be processed properly and on time. Even slight delays can adversely affect employees’ well-being and have far-reaching effects. For that reason, it’s critical to prioritize precise and timely payments.
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. For that reason, it is important to guarantee that tasks like Wi-Fi International and other vital matters are done properly. Using the first Global Payments first payroll payment solution is a great initial step towards offering a detailed payroll service for workers worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account needed for international payroll are key factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway we know how how important a function 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 everyone that’s associated with those processes and also so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting 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 require days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so proceeding look why do business select to primary different savings account there are Papaya Global Adding Person To Payroll companies out there doing precisely this for particular countries and I’ve worked in a business or many businesses doing precisely that I can state it doesn’t constantly feel efficient 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 have to and anyone 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 amount that we are I believe numerous reasons one is it’s the standard I think individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require 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 requirement and the norm the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing but ultimately individuals are really stuck to what they recognize
with ideal um change is a challenging thing all of us don’t like change um so I believe it’s just kind 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 understand undoubtedly the advantages of having maintaining several bank accounts however there’s a big quantity of complexity chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is big but I think the honest response is change um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep track of and this approach does pose numerous challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Business 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 employees you deserve a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Adding Person To Payroll