Over the last five or 6 years …Papaya Global Payroll W3… functions on the supplier side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is 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 extremely gloomy and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise review a recap which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them becomes more and more intricate Global companies are aiming to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep different savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve separate bank accounts often in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they add further complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely very standard there’s no genuine consistency framework we’re residing in a period of tech however payroll has actually 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 each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of an image they see an absence of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide businesses have revealed that they don’t 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 data information entry errors inadequately communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the data is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the essential numerous procedures 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 company face when they’re paying to workers 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 right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 client’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of progress with that it likewise as well to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is becoming progressively detailed. Businesses are continually presenting brand-new advantages and payment choices, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced period, there’s no justification for keeping cumbersome treatments. Payroll, the business’s greatest cost, must be processed correctly and on time. Even small hold-ups can adversely impact employees’ wellness and have far-reaching consequences. Therefore, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a great first step um providing an end-to-end payroll solution for your workers worldwide once again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of services and reducing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how important a function 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 processes and likewise so think of sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean up 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 try to browse them and in fact see what was going on and type of try to get back to everybody so carrying on appearance why do business select to main different savings account there are Papaya Global Payroll W3 services out there doing exactly this for particular countries and I’ve worked in an organization or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and anyone 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 numerous factors one is it’s the standard I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing but eventually individuals are really stuck to what they recognize
with right um change is a tough thing all of us don’t like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping several bank accounts but there’s a huge quantity of complexity goes with establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the honest answer is change um people have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise 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 gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Payroll W3