Over the last 5 or 6 years …Run Historical P32 Report Papaya Global… roles on the service provider side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really 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 drizzling here it’s really very bleak and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a recap and that needs to 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 Global workforces become increasingly more common and managing them becomes more and more complicated International companies are wanting to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment viewpoint numerous organizations preserve separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep different savings account sometimes in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast 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 tough in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Workforce is currently three and a half billion individuals 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 globe in the traditional payroll design there’s typically an overwhelming number of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or very extremely basic there’s no real consistency structure 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 each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international organizations have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the needed numerous 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 obstacles service face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be consisted of best 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 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely essential that payroll and finance groups work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is becoming increasingly elaborate. Companies are constantly introducing new advantages and payment alternatives, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically innovative period, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even small hold-ups can adversely impact staff members’ well-being and have significant repercussions. For that reason, it’s important to focus on precise and prompt payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has 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 however ultimately payroll is such an important cycle we all become aware of it when it fails everybody 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your workers globally once again I believe is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t 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
anyway we understand how how essential a function it is and that’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 just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting 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 attempt to check out them and really see what was going on and type of shot to get back to everybody so moving on look why do business pick to main different savings account there are Run Historical P32 Report Papaya Global organizations out there doing exactly this for specific countries and I have actually operated in a business or many businesses doing precisely that I can say 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 any person where we do not have to and anyone that’s handling 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 believe people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires altering however ultimately individuals are very stuck to what they recognize
with ideal um modification is a challenging thing we all do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving several savings account however there’s a huge amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is big however I believe the sincere response is change um individuals have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep track of and this approach does posture a number of obstacles um so Johnny could you tell us about those challenges 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 manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Run Historical P32 Report Papaya Global