Over the last five or 6 years …Papaya Global See Total Hours Worked By Employee… roles on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 really dreary and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also go over a recap which ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and managing them becomes increasingly more complicated Worldwide organizations are wanting to find Solutions and new methods to enhance processes particularly from a payroll and cross-border payment viewpoint lots of companies maintain different bank account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain separate bank accounts often in various countries 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 simplify the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include further complexity the global Workforce is presently 3 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 companies and growing all doing their own thing around the globe in the standard payroll design there’s often a frustrating variety of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really very fundamental there’s no real consistency framework we’re residing in an era of tech but 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 and that simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on global payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of international companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly interacted 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 wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be included right and what does
it require to be thought of 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 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 client’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on wellness and the compensation landscape is becoming increasingly intricate. Companies are continuously presenting new advantages and payment choices, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly sophisticated era, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even slight hold-ups can negatively affect staff members’ wellness and have significant effects. For that reason, it’s vital to prioritize precise and prompt payments.
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. For that reason, it is essential to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Global Payments first payroll payment service is a terrific initial action towards offering an extensive payroll solution for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts needed for worldwide payroll are essential consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we understand 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 associated with those procedures and also so envision sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everybody so carrying on appearance why do companies choose to primary separate savings account there are Papaya Global See Total Hours Worked By Employee businesses out there doing precisely this for specific countries and I have actually operated in a service or numerous businesses doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and any person that’s managing 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 amount that we are I believe numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard 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 lots of other ways um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately people are very stuck with what they’re familiar
with ideal um modification is a challenging thing all of us 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 great deal of track of stuff um I understand undoubtedly the advantages of having maintaining numerous checking account but there’s a substantial amount of complexity opts for establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is substantial however I think the truthful answer is modification um people haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep an eye on and this technique does posture numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I just 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 actually gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global See Total Hours Worked By Employee