Over the last five or 6 years …Papaya Global Offers Simple… roles on the supplier side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply 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 sort of let them do that so it ‘d be quite intriguing 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 everyone originates 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 drizzling here it’s really extremely dreary and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll likewise go over a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them ends up being a growing number of complicated Worldwide companies are wanting to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment standpoint many organizations preserve separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep separate savings account in some cases in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the global Labor force 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 people that number is currently 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 standard payroll model there’s often a frustrating number of different systems causing lengthy manual procedures 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 an era of tech however 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 believe
about it to give you a concept of how far there still is to come according to Deloitte only 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 service spends on international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes badly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the data is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included right and what does
it need 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 have 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 ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and innovation is permitting us to kind of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised 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 work 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 often 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the settlement landscape is becoming progressively elaborate. Companies are continuously presenting brand-new advantages and payment choices, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically advanced era, there’s no validation for preserving cumbersome procedures. Payroll, the company’s greatest expenditure, must be processed properly and on time. Even slight delays can adversely affect workers’ well-being and have significant effects. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think 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 stuff is absolutely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll service for your workers worldwide again I think is another big um process once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of businesses and lowering the variety of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand 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 procedures and also so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t imagine 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 actually see what was going on and sort of shot to get back to everybody so carrying on look why do business choose to primary separate savings account there are Papaya Global Offers Simple services out there doing exactly this for particular countries and I have actually operated in a business or numerous businesses doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t 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 quantity that we are I believe numerous factors one is it’s the standard I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering however eventually individuals are really stuck with what they recognize
with best um modification is a hard thing all of us do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving numerous bank accounts but there’s a huge quantity of intricacy goes with setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is big however I think the truthful answer is change um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or so there is a lot to track and this method does position a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I simply did you changed our Enterprise 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 Worldwide employees you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Offers Simple