Over the last 5 or 6 years …Papaya Global Payroll Schedule… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well among 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 fascinating 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 originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise go over a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and managing them becomes more and more intricate International companies are aiming to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment perspective many organizations keep different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep separate bank accounts sometimes in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance data security and banking guidelines then there are the large numbers they include more complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated 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 companies and growing all doing their own thing around the world in the standard payroll model there’s frequently a frustrating number of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really really basic there’s no genuine consistency framework we’re residing in an era of tech but payroll has actually 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 simply blows my mind every 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 organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on global payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of global businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be consisted of best and what does
it need to be considered there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing teams work better together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure 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 modern-day world positions a high value on wellness and the compensation landscape is becoming significantly elaborate. Companies are continually introducing brand-new benefits and payment choices, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly sophisticated age, there’s no justification for preserving cumbersome treatments. Payroll, the business’s biggest cost, need to be processed correctly and on time. Even small hold-ups can adversely impact workers’ wellness and have far-reaching repercussions. Therefore, it’s crucial to focus on accurate and timely payments.
payroll group get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a great initial step um supplying an end-to-end payroll solution for your workers worldwide once again I believe is another substantial um process once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and minimizing 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 thousand of 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 grievances where things have not gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that many 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 absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do business pick to main separate bank accounts there are Papaya Global Payroll Schedule businesses out there doing exactly this for particular countries and I have actually worked in a service or lots of companies doing precisely that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and any person 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 individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it needs changing however eventually people are extremely stuck to what they’re familiar
with best um modification is a tough thing we all do not like change um so I believe it’s just type of moving away from the standard 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 savings account but there’s a huge amount of complexity chooses establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is huge but I think the honest answer is change um people haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does present several obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels 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 dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Schedule