Over the last 5 or 6 years …Papaya Global Holiday Diary… functions on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates 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 drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also go over a recap and that needs to leave his time at the very 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 International labor forces become a growing number of typical and handling them becomes a growing number of intricate International companies are seeking to find Solutions and new ways to improve processes especially from a payroll and cross-border payment standpoint lots of companies keep different checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different bank accounts sometimes in various nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further complexity the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s typically an overwhelming number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency structure we’re living 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 frequently with pen and paper and that simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t 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 service face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what does not require to be consisted of right and what does
it need to be considered there’s varying Bank details 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in 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 technology is permitting us to type of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is ending up being significantly detailed. Organizations are continuously presenting brand-new benefits and payment options, which adds to the total complexity. Large corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technically innovative period, there’s no reason for keeping troublesome treatments. Payroll, the business’s greatest expenditure, must be processed correctly and on time. Even small hold-ups can negatively affect staff members’ well-being and have significant repercussions. For that reason, it’s crucial to prioritize accurate and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only observe when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally as well. Therefore, it is essential to make sure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first Global Payments first payroll payment solution is a terrific preliminary action towards providing an extensive payroll service for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and savings account necessary for international payroll are essential consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh definitely 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 look through them and in fact see what was going on and kind of shot to return to everyone so carrying on look why do companies choose to primary different bank accounts there are Papaya Global Holiday Diary organizations out there doing exactly this for particular countries and I’ve operated in a business or lots of organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and anyone that’s managing that procedure 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 think many factors one is it’s the requirement I think people have actually got so used to we need a brand-new bank account we open an entity and rightly 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 just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but ultimately individuals are really stuck with what they’re familiar
with best um modification is a tough thing we all do not like change 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 great deal of track of things um I comprehend certainly the advantages of having maintaining multiple checking account however there’s a huge quantity of complexity goes with establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is big but I believe the sincere response is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep track of and this method does position several difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Holiday Diary