Over the last five or 6 years …Papaya Global Changing From 4 Weekly To Monthly… roles on the company side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind 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 type of like see where everybody originates from and I truly 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 very extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also review a recap and that should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and handling them ends up being more and more complicated Worldwide companies are looking to discover Solutions and new methods to simplify processes 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 maintain separate savings account in some cases in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they add more complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 businesses and growing all doing their own thing around the world in the conventional payroll design there’s often a frustrating number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or really very fundamental there’s no real consistency structure we’re residing in an age 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 often with pen and paper and that just blows my mind whenever I I think
about it to offer 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 offers me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global businesses have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is delivered to the wrong place the typical expense 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 necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not require to be consisted of right and what does
it require 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 time frames there’s payment abilities 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 any place you look best ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 definitely essential and technology is enabling us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the settlement landscape is ending up being progressively elaborate. Businesses are continually presenting new advantages and payment options, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s technically innovative period, there’s no justification for keeping cumbersome treatments. Payroll, the company’s greatest cost, need to be processed properly and on time. Even slight hold-ups can negatively affect staff members’ wellness and have far-reaching consequences. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m unsure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll option for your employees globally once again I think is another big um process again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and savings account they need 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 don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so carrying on appearance why do companies select to main separate bank accounts there are Papaya Global Changing From 4 Weekly To Monthly organizations out there doing precisely this for particular nations and I have actually operated in an organization or numerous companies doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I think people have actually got so used to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked 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 procedure that requires taking a look at it needs changing but ultimately individuals are very stuck to what they’re familiar
with right um modification is a hard thing all of us do not like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving several savings account however there’s a substantial amount of complexity chooses establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private people so the complexity is substantial but I think the sincere answer is change um individuals have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this approach does pose several obstacles um so Johnny could you inform us about those difficulties yeah obviously 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 manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Changing From 4 Weekly To Monthly