Over the last five or 6 years …My Papaya Global Registration… functions on the supplier side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring 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 obstacle years of handling Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a wrap-up which must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them becomes more and more intricate Worldwide organizations are aiming to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment viewpoint numerous organizations maintain different bank account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve different savings account sometimes in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they include further intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating variety of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely standard there’s no real consistency framework we’re living in an era of tech however payroll has actually been slow 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 whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company invests in global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of global services have actually expressed that they do not have the level of standardization they require in their processes 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 absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be included ideal and what does
it require 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 basic and technology is enabling us to sort of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely important that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on wellness and the settlement landscape is becoming progressively detailed. Organizations are continuously presenting new benefits and payment options, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technologically innovative age, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even minor delays can adversely impact staff members’ wellness and have far-reaching repercussions. For that reason, it’s crucial to prioritize accurate and timely payments.
payroll team get um so I’m unsure 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 workers or not um however eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a great first step um providing an end-to-end payroll option for your employees worldwide again I believe is another big um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and decreasing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite 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 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 involved in those procedures and also so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but 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 browse them and in fact see what was going on and type of shot to return to everybody so proceeding appearance why do business choose to main separate savings account there are My Papaya Global Registration companies out there doing precisely this for particular countries and I’ve operated in a business or lots of services doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs altering however eventually individuals are very stuck to what they recognize
with right um change is a hard thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping multiple checking account however there’s a big amount of complexity goes with establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is substantial but I think the honest response is modification um people have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is a component 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 proceeding and moving into you understand what could almost be determined to be the next Century or so there is a lot to monitor and this method does position numerous obstacles um so Johnny might you tell us about those obstacles yeah of course 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 handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. My Papaya Global Registration