Over the last five or 6 years …Papaya Global Solution… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review a recap and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and managing them becomes increasingly more complicated Global organizations are looking to find Solutions and new ways to improve processes especially from a payroll and cross-border payment viewpoint numerous companies maintain separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to maintain different savings account often in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies simplify the episode complex procedures of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance information security and banking rules then there are the large numbers they add additional complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 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 around the world in the standard payroll model there’s frequently an overwhelming variety of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really really fundamental there’s no real consistency structure we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that 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 once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what does not need to be consisted of best and what does
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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 amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if however some babies 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 think there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to sort of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so again you’re just looking to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from an expense point of view from an impact viewpoint on workers it is definitely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive impact on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually 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 people just notice when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is vital to make sure that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment solution is an excellent initial step towards supplying a comprehensive payroll option for workers worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and savings account necessary for international payroll are crucial factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 everybody that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of try to return to everybody so moving on appearance why do business choose to main different savings account there are Papaya Global Solution companies out there doing precisely this for specific nations and I have actually operated in a service or many businesses doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and any person that’s dealing with 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 quantity that we are I think many factors one is it’s the standard I think people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require 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 requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing but ultimately individuals are very stuck to what they recognize
with right um change is a challenging thing we all do not like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping several bank accounts but there’s a huge amount of complexity opts for setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is huge but I think the truthful answer is change um individuals have not had the ability to alter or haven’t had necessarily 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 think it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep track of and this approach does present a number of challenges um so Johnny could you inform us about those obstacles yeah of course 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 boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global 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 Solution