Over the last 5 or 6 years …Delete Client In Papaya Global Cloud… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just 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 remains 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 very uninspiring and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise go over a recap and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them ends up being a growing number of complex International organizations are wanting to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint numerous companies preserve separate checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve separate bank accounts often in various nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they add more intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 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 globe in the standard payroll model there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or really really standard there’s no genuine consistency structure we’re living in a period of tech however payroll has 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 offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the essential multiple procedures systems and partners it is just 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 making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be included best and what does
it require to be thought about 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 technology is permitting us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the payment landscape is ending up being increasingly elaborate. Businesses are constantly presenting brand-new advantages and payment options, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly advanced era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s most significant cost, should be processed correctly and on time. Even slight delays can negatively affect staff members’ well-being and have far-reaching consequences. Therefore, it’s critical to prioritize accurate and timely payments.
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the first Global Payments first payroll payment option is a terrific preliminary action towards providing a thorough payroll service for staff members worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and checking account needed for international payroll are essential factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we know 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 simple as possible for everybody that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of shot to return to everybody so carrying on look why do business pick to main separate checking account there are Delete Client In Papaya Global Cloud services out there doing exactly this for particular countries and I have actually operated in a business or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and any person 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 amount that we are I believe numerous reasons one is it’s the requirement I think people have got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering however ultimately people are very stuck to what they recognize
with best um modification is a difficult thing we all don’t like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving numerous bank accounts however there’s a substantial amount of intricacy chooses establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial but I believe the honest response is modification um individuals have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this method does position several difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Delete Client In Papaya Global Cloud