Over the last five or six years …The W-2 Is On Papaya Global… functions on the company side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also discuss 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 officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and managing them ends up being a growing number of complex Global companies are aiming to find Solutions and new methods to enhance processes particularly from a payroll and cross-border payment perspective numerous organizations maintain different bank account just for payroll while some have several accounts in various countries does it make sense for companies to maintain different bank accounts in some cases in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they add further intricacy the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 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 standard payroll design there’s often an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely very standard there’s no real consistency framework we’re residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors poorly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of best and what does
it require to be considered 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely payments no if but some babies 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 definitely fundamental and technology is enabling us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on wellness and the payment landscape is becoming increasingly detailed. Services are continuously introducing new advantages and payment options, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically innovative age, there’s no validation for maintaining troublesome treatments. Payroll, the business’s biggest expenditure, should be processed correctly and on time. Even slight hold-ups can adversely affect employees’ wellness and have significant effects. Therefore, it’s crucial to focus on accurate and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Worldwide Payments first payroll payment service is an excellent preliminary step towards supplying a thorough payroll solution for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account required for global payroll are key factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we know how how crucial a role 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 involved in those processes and likewise so envision sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and type of shot to return to everybody so proceeding look why do business choose to primary separate bank accounts there are The W-2 Is On Papaya Global businesses out there doing exactly this for specific countries and I have actually worked in a service or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we do not need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I believe people have actually got so utilized to we require a new checking 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 standard individuals have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous 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 needs altering however ultimately people are very stuck to what they recognize
with ideal um change is a tough thing we all don’t like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining several bank accounts however there’s a huge amount of intricacy goes with setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is substantial however I think the truthful response is change um people haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this technique does pose a number of challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. The W-2 Is On Papaya Global