Over the last five or six years …Papaya Global Payroll Period… functions on the company side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much 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 type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 really extremely gloomy and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise review a recap and that ought to leave his time at the very extremely 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 Global workforces become increasingly more common and managing them becomes increasingly more intricate International organizations are aiming to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment standpoint many organizations preserve separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain separate bank accounts in some cases in various nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies streamline the episode complex procedures of
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they include more intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely very basic there’s no genuine consistency structure we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international organizations have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the needed multiple processes 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 company face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some children 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to kind of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the settlement landscape is ending up being increasingly detailed. Businesses are continually presenting new benefits and payment choices, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s highly sophisticated era, there’s no justification for preserving cumbersome procedures. Payroll, the business’s most significant expense, should be processed properly and on time. Even minor hold-ups can negatively impact employees’ wellness and have far-reaching effects. For that reason, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll option for your employees globally once again I think is another huge um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and checking account they need 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial a function 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 also so envision sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that many 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 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 need days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everyone so moving on look why do companies choose to primary different bank accounts there are Papaya Global Payroll Period businesses out there doing precisely this for particular nations and I have actually worked in a service or numerous organizations doing precisely that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anybody that’s managing that procedure 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 believe lots of reasons one is it’s the standard I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing however eventually individuals are very stuck with what they’re familiar
with ideal um modification is a tough thing we all do not like change um so I believe it’s just type 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 numerous checking account however there’s a substantial quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is substantial but I think the honest response is modification um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep an eye on and this method does posture a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise 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 International workers you should have a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Period