Over the last 5 or six years …Papaya Global Guadeloupe… roles on the service provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 raining here it’s very very uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also review a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them becomes more and more intricate International organizations are aiming to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint numerous companies keep different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep different savings account in some cases in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add more complexity the global Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s frequently a frustrating variety of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or really very basic there’s no genuine consistency framework we’re living in an era of tech but payroll has actually been slow 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 each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on global payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought about there’s varying 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 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 complexity any place you look ideal ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 absolutely basic and innovation is permitting us to kind of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 typically 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 individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the payment landscape is ending up being significantly elaborate. Businesses are continually presenting new advantages and payment choices, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically sophisticated age, there’s no validation for preserving troublesome treatments. Payroll, the company’s biggest cost, need to be processed properly and on time. Even small delays can adversely impact workers’ wellness and have significant effects. Therefore, it’s critical to focus on accurate and timely payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. Therefore, it is vital to make sure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the very first Worldwide Payments first payroll payment option is a great preliminary action towards providing an extensive payroll service for employees worldwide. Standardization, global processes, and lowering the number of tools, platforms, and savings account essential for global payroll are key factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we know 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 processes and likewise so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of shot to get back to everyone so carrying on appearance why do business choose to primary different checking account there are Papaya Global Guadeloupe businesses out there doing precisely this for specific countries and I’ve worked in a service or numerous businesses doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and anybody that’s handling that procedure 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 lots of reasons one is it’s the standard I think individuals have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering but ultimately people are extremely stuck with what they’re familiar
with best um modification is a challenging thing we all do not like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having maintaining multiple checking account but there’s a substantial amount of intricacy chooses setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial however I believe the sincere answer is modification um individuals haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually always 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 understand what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does posture several obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Guadeloupe