Over the last five or six years …Papaya Global Solo Payroll… functions on the service provider side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple 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 quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 really really dreary and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review a wrap-up which should leave his time at the extremely 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 International workforces become a growing number of common and managing them ends up being increasingly more intricate Global companies are looking to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint numerous companies maintain different savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve different checking account sometimes 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 helping international companies streamline the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Labor force is presently 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 around the world in the conventional payroll design there’s frequently a frustrating number of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no genuine consistency structure we’re living in an era 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 just blows my mind every time I I believe
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 Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international 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 errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect 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 need to move the cash all over the world payroll and payments do not run efficiently if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of ideal 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 country there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if but some children 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 acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on well-being and the payment landscape is becoming progressively elaborate. Companies are continually presenting brand-new advantages and payment options, which adds to the general complexity. Big corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated era, there’s no justification for maintaining troublesome treatments. Payroll, the company’s greatest cost, need to be processed correctly and on time. Even small hold-ups can adversely impact staff members’ well-being and have far-reaching consequences. For that reason, it’s critical to prioritize accurate and timely payments.
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally too. Therefore, it is important to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is a fantastic initial action towards supplying a comprehensive payroll service for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account needed for international payroll are essential consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyway we know how how essential 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 everyone that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying 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 require days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everybody so moving on look why do companies choose to main separate bank accounts there are Papaya Global Solo Payroll businesses out there doing exactly this for particular countries and I’ve operated in an organization or lots of businesses doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and anybody that’s dealing with 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 think many reasons one is it’s the requirement I believe people have got so utilized to we need a new bank 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 simply been the requirement and the standard 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 believe this is a process that requires taking a look at it needs changing however eventually individuals are really stuck to what they’re familiar
with right um modification is a hard thing we all do not like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining multiple savings account however there’s a huge amount of complexity opts for establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big but I think the honest answer is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep track of and this technique does pose numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Solo Payroll