Over the last 5 or 6 years …Papaya Global Demo Password… roles on the provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone 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 fascinating 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 originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very bleak and I want I was elsewhere at this moment in time fine so let’s get going 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 companies maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also review a recap which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them ends up being increasingly more intricate International companies are seeking to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment perspective many companies preserve different checking account just for payroll while some have several accounts in various nations does it make sense for companies to keep separate savings account often in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the global Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 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 globe in the traditional payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or really extremely basic there’s no genuine consistency structure we’re living in an era of tech however payroll has been slow 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 believe
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 information in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global 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 mistakes are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be thought of 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 abilities 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 consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 technology is allowing us to type of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the compensation landscape is ending up being progressively complex. Organizations are continuously presenting new benefits and payment choices, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically innovative age, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s greatest cost, should be processed properly and on time. Even slight delays can adversely impact staff members’ well-being and have significant consequences. For that reason, it’s vital to focus on accurate and timely payments.
payroll group get um so I’m uncertain anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a terrific primary step um offering an end-to-end payroll solution for your workers internationally once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of organizations and minimizing the number of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na say picture 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 speaking about numerous thousands possibly Millions picture getting that lots of 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 definitely be an intriguing task trying to clean up all those up for sure oh absolutely 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 try to browse them and in fact see what was going on and kind of try to get back to everyone so moving on look why do companies select to main different savings account there are Papaya Global Demo Password companies out there doing precisely this for specific nations and I’ve operated in a business or many services doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and anyone 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 amount that we are I believe many reasons one is it’s the standard I believe people have got so used 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 variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted 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 lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it requires altering but ultimately people are very stuck with what they recognize
with best um modification is a difficult thing we all don’t like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous checking account but there’s a huge quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is big but I think the sincere answer is change um individuals have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to track and this technique does posture numerous obstacles um so Johnny could you inform us about those challenges yeah obviously 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 gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Demo Password