Over the last five or 6 years …Employment Allowance 2020/21 Papaya Global… roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually 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 drizzling here it’s very very gloomy and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the worldwide 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 streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the global Workforce is currently 3 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll design there’s frequently a frustrating variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or very very basic there’s no genuine consistency structure we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say 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 worldwide payroll the less of a photo they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of right and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to sort of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the payment landscape is becoming progressively complex. Businesses are continually introducing brand-new benefits and payment alternatives, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically sophisticated era, there’s no reason for preserving troublesome treatments. Payroll, the company’s biggest expenditure, must be processed properly and on time. Even small hold-ups can negatively impact employees’ wellness and have far-reaching effects. For that reason, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has been told 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 workers or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a great initial step um providing an end-to-end payroll service for your staff members internationally once again I think is another big um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and savings account they need for their Global 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine 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 but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and kind of shot to get back to everyone so proceeding look why do companies select to main different bank accounts there are Employment Allowance 2020/21 Papaya Global organizations out there doing precisely this for specific countries and I have actually worked in an organization or many services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm 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 lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing but eventually people are very stuck to what they’re familiar
with right um change is a difficult thing we all do not like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving numerous bank accounts but there’s a big quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is substantial however I believe the truthful answer is change um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does posture numerous challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise 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 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 using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Employment Allowance 2020/21 Papaya Global