Over the last 5 or 6 years …Online Papaya Global… functions on the supplier side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really bleak and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll also review a recap and that ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and handling them becomes a growing number of complex International organizations are looking to find Solutions and new methods to streamline procedures especially from a payroll and cross-border payment perspective lots of companies preserve different savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep separate bank accounts often in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies improve the episode complex processes of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they add additional complexity the worldwide Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 around the world in the traditional payroll design there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no real consistency structure we’re living in an age 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 which simply blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical expense of a global 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 globe payroll and payments do not run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be included right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 ideal ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to type of progress with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the compensation landscape is becoming significantly complex. Companies are continually introducing new advantages and payment options, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s highly advanced period, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s greatest cost, should be processed correctly and on time. Even minor delays can negatively impact employees’ wellness and have far-reaching repercussions. For that reason, it’s important to prioritize precise and prompt payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. Therefore, it is essential to make sure that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the first International Payments first payroll payment service is a great preliminary action towards supplying a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and bank accounts essential for international payroll are essential factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we understand how how essential a function 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 everyone that’s associated with those processes and likewise so picture sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of shot to get back to everybody so moving on look why do business select to primary separate bank accounts there are Online Papaya Global organizations out there doing precisely this for specific nations and I have actually worked in an organization or many organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we don’t need 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 believe lots of reasons one is it’s the requirement I think individuals have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it requires changing however ultimately individuals are extremely stuck to what they recognize
with right um change is a difficult thing all of us do not like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving numerous checking account however there’s a substantial amount of complexity chooses setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is substantial however I believe the sincere response is change um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or so there is a lot to monitor and this technique does pose numerous difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Business 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 successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Online Papaya Global