Over the last 5 or 6 years …Papaya Global Hr Software For High Compliance Businesses… roles on the supplier side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 very extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise review a wrap-up and that should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and managing them becomes more and more complex Worldwide organizations are wanting to discover Solutions and new ways to enhance processes especially from a payroll and cross-border payment standpoint lots of organizations maintain separate savings account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain separate checking account in some cases in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there’s often an overwhelming variety of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of global businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be included best and what does
it need 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 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 consumer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if however 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 recognition that payroll payments are definitely basic and technology is permitting us to type of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the payment landscape is ending up being progressively intricate. Services are continually introducing brand-new advantages and payment choices, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technologically innovative era, there’s no justification for keeping troublesome treatments. Payroll, the company’s greatest expense, must be processed properly and on time. Even small hold-ups can adversely affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s important to prioritize precise and prompt payments.
payroll group get um so I’m not sure anybody on this type of webinar has been informed 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 workers or not um however ultimately payroll is such an important cycle we all become aware of 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the first International Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your staff members internationally once again I think is another huge um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and decreasing the number of tools platforms and checking account they need for their International 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’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how essential 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 easy as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up 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 try to browse them and really see what was going on and type of shot to return to everyone so carrying on look why do business pick to main different savings account there are Papaya Global Hr Software For High Compliance Businesses companies out there doing exactly this for particular countries and I’ve operated in a company or numerous organizations doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require 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 standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually individuals are really stuck with what they recognize
with best um change is a tough thing we all do not like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining several checking account but there’s a big amount of complexity opts for setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is substantial however I think the sincere response is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not looking 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 or two there is a lot to keep an eye on and this method does present several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Hr Software For High Compliance Businesses