Over the last five or 6 years …Papaya Global Help… roles on the supplier side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all 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 already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also review a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them ends up being more and more complicated International organizations are aiming to find Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment perspective lots of organizations maintain different bank account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve separate bank accounts often in different countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance data security and banking guidelines then there are the large numbers they include further intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over 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 Combinations could be non-existent in big quantities and or extremely extremely fundamental there’s no real consistency framework 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 frequently with pen and paper and that just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on worldwide payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international businesses have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought of there’s differing 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 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 client’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely important but all over you look with payroll payment they are like very payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I’ve 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 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the compensation landscape is ending up being significantly elaborate. Organizations are continually presenting new benefits and payment options, which contributes to the overall complexity. Big corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically sophisticated period, there’s no justification for keeping troublesome treatments. Payroll, the company’s biggest expense, must be processed properly and on time. Even small delays can negatively affect workers’ wellness and have far-reaching repercussions. For that reason, it’s critical to focus on precise and prompt payments.
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only discover when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is a great initial action towards providing an extensive payroll option for staff members worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account essential for worldwide payroll are key consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we understand how how crucial 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 everyone that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I indicate 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 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 try to check out them and in fact see what was going on and type of try to get back to everybody so carrying on look why do business choose to main different checking account there are Papaya Global Help organizations out there doing exactly this for particular countries and I’ve operated in a service or many businesses doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t 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 numerous reasons one is it’s the requirement I think people have got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing but ultimately people are really stuck with what they recognize
with right um modification is a difficult thing all of us do not like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping numerous savings account but there’s a huge amount of intricacy goes with establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is substantial but I believe the truthful response is modification um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does present numerous obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Help