Over the last 5 or six years …Papaya Global Online Services… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also review a wrap-up and that ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and managing them becomes a growing number of complex Global companies are seeking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint numerous organizations maintain different bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to keep separate checking account in some cases in various 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 streamline the episode complex procedures of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 globe in the traditional payroll design there’s frequently 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 extremely very standard there’s no genuine consistency structure we’re residing in an era of tech but payroll has actually been slow 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 think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m always impressed when people state I’ve split payroll and payment um if you walk down the street and asked anyone 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 an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the settlement landscape is becoming increasingly elaborate. Companies are constantly introducing new advantages and payment options, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technically sophisticated period, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s greatest expense, should be processed properly and on time. Even small delays can negatively impact workers’ well-being and have far-reaching repercussions. Therefore, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been informed 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 workers or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific first step um providing an end-to-end payroll solution for your workers worldwide once again I think is another huge um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely key to success success of organizations and minimizing the number of tools platforms and savings account they require 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 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 rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how crucial 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 processes and likewise so imagine sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying 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 attempt to look through them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do business choose to main different savings account there are Papaya Global Online Services businesses out there doing precisely this for specific countries and I have actually operated in an organization or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know 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 ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply 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 lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but ultimately individuals are really stuck with what they recognize
with best um modification is a hard thing all of us don’t like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining multiple savings account however there’s a huge amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is big however I believe the sincere answer is modification um people have not had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose several challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a range 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 acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Online Services