Over the last 5 or 6 years …Papaya Global Database Is Locked By Manager… functions on the service provider side and likewise on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among 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 fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually 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 extremely really dreary and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and handling them becomes more and more complicated Global organizations are seeking to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment standpoint lots of organizations keep separate savings account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different checking account sometimes in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast 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 challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide 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 individuals 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 conventional payroll model there’s typically an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or very very standard there’s no genuine consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each 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 state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be included best and what does
it require to be considered there’s varying 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 complexity wherever you look right ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process 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 third parties so with the
The modern world places a high value on well-being and the payment landscape is ending up being progressively complex. Businesses are continuously presenting brand-new benefits and payment options, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technologically innovative age, there’s no justification for preserving troublesome treatments. Payroll, the company’s biggest expenditure, must be processed correctly and on time. Even minor delays can adversely impact employees’ wellness and have significant repercussions. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong 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 definitely essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment service is an excellent first step um offering an end-to-end payroll option for your employees internationally again I believe is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of businesses and reducing the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of 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 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant 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 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 everybody that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to return to everyone so carrying on appearance why do business choose to main different bank accounts there are Papaya Global Database Is Locked By Manager companies out there doing exactly this for particular countries and I’ve worked in a company or many companies doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anybody that’s managing that process 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 lots of reasons one is it’s the standard I think people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs altering but ultimately people are extremely stuck with what they recognize
with best um modification is a difficult thing we all do not like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving numerous checking account however there’s a huge amount of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge but I think the sincere answer is change um people have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but 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 determined to be the next Century or two there is a lot to track and this method does posture a number of challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise 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 secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Database Is Locked By Manager