Over the last five or six years …Papaya Worldmark… roles on the company side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually 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 drizzling here it’s really very bleak and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a wrap-up which must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs 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 a growing number of complicated Global organizations are looking to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint numerous organizations maintain separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain separate bank accounts often in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies streamline the episode complex processes of
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies properly 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 tough in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they include further intricacy the worldwide Labor force is currently 3 and a half billion individuals 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 services and growing all doing their own thing worldwide in the traditional payroll model there’s typically a frustrating number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency structure 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 and that just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global organizations have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the essential several 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 difficulties company face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 technology is allowing us to sort of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m always amazed when people state 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 split the payroll payment from computation I would say no so why do we as a market 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is ending up being increasingly complex. Businesses are continuously presenting new advantages and payment options, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically sophisticated age, there’s no justification for keeping cumbersome treatments. Payroll, the company’s most significant cost, must be processed properly and on time. Even slight delays can adversely impact workers’ well-being and have significant effects. For that reason, it’s critical to focus on precise and prompt payments.
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just notice when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. For that reason, it is important to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first International Payments very first payroll payment solution is a great initial action towards providing a detailed payroll solution for employees worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and savings account required for international payroll are crucial factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we know how how crucial 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 everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture 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 certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t imagine 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 really see what was going on and sort of shot to get back to everyone so proceeding appearance why do business pick to primary different savings account there are Papaya Worldmark services out there doing exactly this for specific nations and I’ve worked in an organization or lots of services doing precisely that I can state it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s handling 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 believe lots of factors one is it’s the standard I think people have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing however eventually people are very stuck to what they recognize
with right um modification is a challenging thing we all don’t like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous checking account however there’s a huge quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge but I believe the truthful response is change um people have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this method does present several difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Worldmark