Over the last five or 6 years …Smart Pension Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of 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 rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really 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 raining here it’s really very uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them becomes more and more complicated Global companies are looking to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment viewpoint many organizations preserve separate bank account just for payroll while some have several accounts in various nations does it make sense for business to preserve different bank accounts sometimes in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the global Workforce is presently three 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 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 standard payroll model there’s frequently a frustrating variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely really basic there’s no real consistency framework we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of international services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average cost of an international data 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 do not run efficiently if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included best 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 country there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the settlement landscape is ending up being progressively complex. Businesses are continually introducing 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 inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly sophisticated age, there’s no justification for maintaining troublesome treatments. Payroll, the company’s biggest cost, should be processed correctly and on time. Even small delays can adversely impact employees’ well-being and have significant consequences. Therefore, it’s crucial to focus on accurate and prompt payments.
The payroll team may not have been thanked for correctly processing payroll during 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 a crucial cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. For that reason, it is important to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment option is a great preliminary action towards providing a thorough payroll service for staff members worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account essential for global payroll are crucial consider attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyhow we understand how how important 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 everybody that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision 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 actually see what was going on and sort of shot to return to everyone so proceeding look why do companies choose to primary separate savings account there are Smart Pension Papaya Global services out there doing exactly this for specific nations and I have actually operated in an organization or numerous businesses doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anyone that’s dealing with 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 believe numerous reasons one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have actually 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 variety I think this is a procedure that needs looking at it requires changing however eventually individuals are very stuck with what they recognize
with best um change is a challenging thing all of us don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving several savings account but there’s a big amount of intricacy opts for establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is huge but I believe the sincere answer is change um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand 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 benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to track and this method does position a number of obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Smart Pension Papaya Global