Over the last 5 or six years …Papaya Global Nepal… roles on the supplier side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also review 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 officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them becomes increasingly more intricate International companies are seeking to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment viewpoint numerous organizations preserve separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to preserve separate bank accounts sometimes in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add more complexity the international Labor force is currently 3 and a half billion people 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 consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or really really basic there’s no real consistency framework we’re residing in an age 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 which simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 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 service spends on international payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included ideal and what does
it need to be thought about there’s differing 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is absolutely critical but all over 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 kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the compensation landscape is ending up being significantly intricate. Organizations are continually presenting brand-new advantages and payment alternatives, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s technologically sophisticated period, there’s no reason for keeping cumbersome treatments. Payroll, the business’s most significant cost, need to be processed properly and on time. Even small delays can adversely affect workers’ well-being and have far-reaching consequences. Therefore, it’s important to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe 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 definitely essential that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a great initial step um supplying an end-to-end payroll option for your employees internationally again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and minimizing the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we understand 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 simple as possible for everyone that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of try to return to everyone so carrying on appearance why do companies choose to main different bank accounts there are Papaya Global Nepal businesses out there doing precisely this for specific nations and I have actually operated in a business or many companies doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anyone that’s managing that process 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 think numerous reasons one is it’s the requirement I believe people have actually got so utilized to we require 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 think it’s just been the standard and the norm individuals have 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 ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs altering however eventually people are very stuck to what they’re familiar
with right um change is a hard thing all of us do not like change um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping several savings account but there’s a huge amount of complexity goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is substantial however I believe the honest response is change um people have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep track of and this approach does position a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Nepal