Over the last 5 or six years …2020 Update Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort 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 originates 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 extremely very bleak 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 handling International payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most notably regulations compliance data security and banking guidelines then there are the large numbers they include additional intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very really standard there’s no real consistency structure we’re living in an age 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 whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global services have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes badly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the data is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be consisted of best and what does
it require to be thought about there’s varying Bank information 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on wellness and the payment landscape is ending up being increasingly elaborate. Businesses are constantly introducing brand-new benefits and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s highly innovative era, there’s no reason for keeping cumbersome procedures. Payroll, the company’s greatest expense, need to be processed properly and on time. Even minor delays can adversely affect employees’ wellness and have significant effects. Therefore, it’s important to focus on accurate and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only observe when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a great preliminary action towards supplying an extensive payroll solution for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account needed for global payroll are crucial consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we know how how essential 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everybody so moving on appearance why do companies pick to main separate bank accounts there are 2020 Update Papaya Global companies out there doing precisely this for particular countries and I’ve worked in a company or lots of companies doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and anybody that’s dealing with 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 think lots of factors one is it’s the requirement I think people have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually 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 methods um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering but eventually individuals are extremely stuck with what they recognize
with right um change is a difficult thing we all do not like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving several savings account but there’s a substantial amount of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge but I believe the truthful response is change um individuals haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed 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 Worldwide staff members you should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you 2020 Update Papaya Global