Over the last 5 or 6 years …Papaya Global Logi… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really 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 raining here it’s very very bleak and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also review a wrap-up and that must leave his time at the extremely 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 International labor forces become increasingly more common and handling them ends up being more and more complex Worldwide companies are aiming to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint many organizations preserve different savings account just for payroll while some have multiple accounts in different nations does it make good sense for business to keep different savings account sometimes in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most notably regulations compliance information security and banking rules then there are the large numbers they include additional intricacy 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 additional 1.1 billion individuals 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 globe in the standard payroll model there’s often a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very really fundamental there’s no real consistency framework we’re residing 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 often with pen and paper which simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of international services have expressed 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 due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the information 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 cash around the world payroll and payments don’t run smoothly if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be included ideal and what does
it need to be thought about there’s differing Bank information 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 capabilities 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 intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely critical however 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 look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to type of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on wellness and the compensation landscape is becoming significantly elaborate. Companies are continuously introducing brand-new benefits and payment choices, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically innovative period, there’s no reason for maintaining troublesome procedures. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even small delays can adversely impact employees’ wellness and have significant consequences. For that reason, it’s crucial to prioritize precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally too. For that reason, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the very first International Payments first payroll payment service is a great initial action towards supplying a comprehensive payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account essential for international payroll are key consider accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyway we know 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everyone so moving on look why do companies select to primary separate checking account there are Papaya Global Logi organizations out there doing exactly this for specific countries and I have actually worked in a service or many businesses doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and any person that’s dealing with that process 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 requirement I believe people have got so used to we need a brand-new checking 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 just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing but ultimately people are really stuck to what they’re familiar
with right um change is a challenging thing we all do not like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having maintaining several bank accounts however there’s a huge amount of intricacy goes with setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is substantial but I think the sincere response is change um people haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this technique does posture several challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Logi