Over the last five or 6 years …Why Do I See A Payroll Correction On Papaya Global Payroll… functions on the supplier side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of 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 rather intriguing 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 raining here it’s extremely extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up which needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them becomes more and more complex Worldwide companies are looking to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment viewpoint numerous organizations maintain different savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep separate checking account often in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely 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 challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they add further complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or really very standard there’s no genuine consistency framework we’re residing in an age of tech but 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 which simply blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international businesses have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the needed multiple 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 difficulties business face when they’re paying to staff members or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be consisted of best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 innovation is permitting us to sort of move on with that it likewise 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 better together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data 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 modern world places a high worth on well-being and the settlement landscape is ending up being increasingly complex. Organizations are continuously presenting new benefits and payment alternatives, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technologically sophisticated era, there’s no validation for preserving cumbersome treatments. Payroll, the business’s biggest expense, must be processed correctly and on time. Even minor delays can negatively impact employees’ wellness and have far-reaching consequences. For that reason, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly 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 all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply 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 absolutely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is a fantastic first step um providing an end-to-end payroll option for your employees internationally again I believe is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of businesses and lowering the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how important 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 simple as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh definitely 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 attempt to look through them and actually see what was going on and type of shot to get back to everyone so moving on look why do companies pick to primary different savings account there are Why Do I See A Payroll Correction On Papaya Global Payroll organizations out there doing precisely this for particular countries and I have actually operated in a service or lots of organizations doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and anybody that’s dealing with that process 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 lots of reasons one is it’s the standard I believe individuals have got so used to we need a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering but eventually people are really stuck to what they recognize
with best um change is a challenging thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping multiple savings account however there’s a big amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is substantial however I think the truthful response is change um people haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand 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 understand what might practically be determined to be the next Century approximately there is a lot to keep track of and this approach does position a number of obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, 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 commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Why Do I See A Payroll Correction On Papaya Global Payroll