Over the last 5 or 6 years …Papaya Global Customer Service Number… functions on the service provider side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type 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 type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very gloomy and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll also go over a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and managing them becomes increasingly more complex Worldwide organizations are looking to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have multiple accounts in different countries does it make sense for business to keep different bank accounts in some cases in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they include additional complexity the international Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 world in the standard payroll design there’s often a frustrating variety of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really extremely fundamental there’s no real consistency structure we’re living in a period 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 give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business invests in international payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be included best and what does
it need to be thought of there’s varying Bank details 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 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 complexity wherever you look best eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is enabling us to type of move on with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m always astonished when people 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 profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the compensation landscape is ending up being progressively intricate. Businesses are constantly introducing brand-new benefits and payment alternatives, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically advanced period, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s biggest expense, must be processed correctly and on time. Even small hold-ups can adversely affect workers’ wellness and have far-reaching effects. For that reason, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been informed 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 staff members or not um however ultimately payroll is such an important 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 just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also 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 service is a terrific primary step um offering an end-to-end payroll solution for your staff members globally once again I think is another big um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of services and decreasing the number of tools platforms and savings account they need for their Global 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’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I don’t believe 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 simple 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 quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to return to everyone so carrying on look why do companies choose to primary separate savings account there are Papaya Global Customer Service Number businesses out there doing precisely this for specific nations and I’ve operated in a service or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing however ultimately individuals are extremely stuck to what they recognize
with right um modification is a hard thing we all do not like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving several savings account however there’s a substantial amount of intricacy goes with establishing a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is big but I think the honest answer is change um people haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit 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 genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to monitor and this approach does posture numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched our Business 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 Global employees you should have a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Customer Service Number