Over the last five or six years …Papaya Global Copm… roles on the company side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite 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 actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll likewise go over a recap which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them ends up being increasingly more complicated Worldwide companies are seeking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment viewpoint numerous companies keep separate savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve separate bank accounts sometimes in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add more intricacy the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or very extremely basic there’s no real consistency framework we’re residing in an era of tech but 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 which just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is delivered to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the required numerous processes 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 organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be included best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 complexity wherever you look ideal ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m constantly amazed when people 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 profession would they divide the payroll payment from estimation 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the settlement landscape is ending up being increasingly intricate. Services are constantly presenting new advantages and payment alternatives, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically advanced era, there’s no validation for keeping troublesome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ wellness and have far-reaching consequences. Therefore, it’s critical to prioritize accurate and prompt payments.
The payroll group might 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 individuals just observe when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. Therefore, it is important to ensure that tasks like Wi-Fi International and other essential matters are done properly. Using the first International Payments first payroll payment option is a fantastic preliminary action towards providing a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and bank accounts necessary for worldwide payroll are crucial factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we understand how how important 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was just gon na say envision the quantity 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 hundreds of thousands possibly 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 however it would absolutely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to return to everyone so proceeding look why do companies select to main separate savings account there are Papaya Global Copm services out there doing exactly this for particular countries and I’ve worked in a business or lots of services doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s handling that procedure 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 many factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however eventually people are really stuck with what they recognize
with best um change is a difficult thing we all don’t like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining numerous checking account but there’s a substantial amount of intricacy chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge but I think the honest answer is modification um people have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny might you inform us about those obstacles yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Copm