Over the last 5 or six years …Papaya Global Benefits… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite 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 certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I want I was elsewhere at this moment in time alright so let’s get started 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 maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also go over a recap and that needs to leave his time at the very 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 Worldwide workforces end up being increasingly more common and handling them becomes more and more complicated Worldwide organizations are aiming to find Solutions and new methods to enhance procedures especially from a payroll and cross-border payment viewpoint numerous companies maintain separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain different savings account often in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies simplify the episode complex procedures of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard 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 variety of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll design there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or very really standard there’s no genuine consistency framework we’re residing in a period 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 and that just blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to sort of move on with that it likewise too to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I’m always astonished when individuals state I’ve divided 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 split the payroll payment from computation 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 data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the payment landscape is becoming significantly complex. Organizations are continually presenting new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations typically 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 technically sophisticated age, there’s no justification for preserving cumbersome procedures. Payroll, the company’s most significant expenditure, should be processed properly and on time. Even small hold-ups can negatively impact staff members’ well-being and have significant repercussions. For that reason, it’s crucial to focus on precise and prompt payments.
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only observe when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. For that reason, it is vital to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment service is a great preliminary action towards supplying an extensive payroll solution for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account required for global payroll are essential factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
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 simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state picture 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 possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t think of 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 really see what was going on and type of shot to get back to everybody so moving on look why do companies select to primary different checking account there are Papaya Global Benefits companies out there doing exactly this for specific countries and I have actually operated in a company or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think individuals have got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs altering however ultimately people are really stuck to what they’re familiar
with right um modification is a hard thing all of us don’t like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving numerous bank accounts but there’s a substantial amount of complexity goes with setting up a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge but I believe the honest answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep track of and this approach does position several challenges um so Johnny might you tell us about those difficulties 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 handle our payroll and payment tasks 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 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Benefits