Over the last 5 or six years …Papaya Global Employer Of Record… roles on the company side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply 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 sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually 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 gloomy and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap and that should leave his time at the really really 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 increasingly more typical and handling them becomes a growing number of intricate Worldwide companies are wanting to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve different checking account often in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient 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 rules then there are the sheer numbers they add more intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s often an overwhelming variety of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or really really fundamental there’s no real consistency structure we’re living in an era of tech however 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 and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on international payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the essential numerous processes systems and partners it is just 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 making payments to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be consisted of 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 capabilities 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 consumer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to sort of move on with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the settlement landscape is ending up being significantly detailed. Services are continuously presenting new advantages and payment alternatives, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly sophisticated period, there’s no reason for keeping cumbersome procedures. Payroll, the business’s greatest cost, must be processed correctly and on time. Even small delays can adversely impact employees’ well-being and have far-reaching effects. Therefore, it’s vital to focus on precise and prompt payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally also. Therefore, it is important to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment service is a fantastic preliminary action towards supplying an extensive payroll solution for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account essential for international payroll are crucial factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyway we know how how crucial 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely 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 attempt to look through them and in fact see what was going on and sort of try to get back to everybody so carrying on look why do business pick to primary separate savings account there are Papaya Global Employer Of Record organizations out there doing exactly this for specific nations and I’ve operated in a service or many companies doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have 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 lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it needs altering but eventually individuals are really stuck to what they’re familiar
with best um change is a tough thing we all don’t like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving several bank accounts however there’s a substantial quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is substantial but I believe the sincere response is modification um people haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this approach does pose a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Employer Of Record