Over the last 5 or 6 years …Papaya Global New Company Grey… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right 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 these days so we’ll kind of let them do that so it ‘d be rather fascinating 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 truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was somewhere else 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 International payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them becomes more and more intricate Worldwide companies are aiming to discover Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain different savings account just for payroll while some have several accounts in different nations does it make good sense for companies to keep separate savings account sometimes in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies improve the episode complex processes of
making payroll payments accurately efficiently safely 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 business precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the global 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 individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely really standard there’s no real consistency framework we’re living in an era of tech but payroll has been sluggish 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 every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors poorly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the needed numerous processes systems and partners it is just 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 a great question I constantly throw this back and state what is it what does not need to be included best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 intricacy wherever you look ideal ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 third parties so with the
The contemporary world positions a high value on well-being and the compensation landscape is ending up being increasingly intricate. Organizations are continually introducing new benefits and payment alternatives, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technologically sophisticated age, there’s no reason for preserving cumbersome procedures. Payroll, the business’s biggest cost, should be processed properly and on time. Even small hold-ups can adversely impact employees’ wellness and have significant consequences. Therefore, it’s crucial to focus on precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just see when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the very first Global Payments first payroll payment service is a fantastic initial action towards supplying a thorough payroll option for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account required for international payroll are crucial factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway we know how how important a role 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 involved in those procedures and likewise so picture sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and type of shot to return to everyone so moving on look why do business pick to main separate bank accounts there are Papaya Global New Company Grey organizations out there doing exactly this for particular nations and I’ve operated in a company or lots of companies doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not have 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 lots of reasons one is it’s the requirement I think individuals have got so utilized to we require a brand-new bank account we open an entity and appropriately 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 the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing but ultimately individuals are very stuck with what they recognize
with right um modification is a tough thing we all do not like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving several bank accounts however there’s a huge quantity of complexity goes with setting up a bank account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is big however I think the honest answer is change um individuals have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does position numerous difficulties um so Johnny could you inform 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global New Company Grey