Over the last 5 or 6 years …Papaya Global Equatorial Guinea… roles on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly 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 really really bleak and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also go over a wrap-up which must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them ends up being increasingly more complicated Global organizations are seeking to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective lots of companies preserve separate checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate savings account in some cases in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 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 often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really extremely basic there’s no genuine consistency structure we’re residing in a period 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 every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included best and what does
it require to be thought of there’s differing 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 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 client’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on wellness and the payment landscape is ending up being progressively complex. Businesses are continuously presenting brand-new benefits and payment options, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly advanced age, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s greatest expense, need to be processed correctly and on time. Even small hold-ups can adversely affect employees’ wellness and have far-reaching repercussions. Therefore, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is an excellent primary step um offering an end-to-end payroll service for your staff members globally again I think is another huge um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of services and reducing the variety of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential a function 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 likewise so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying 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 need days of the week to try to browse them and actually see what was going on and type of shot to get back to everybody so moving on appearance why do companies select to main different bank accounts there are Papaya Global Equatorial Guinea services out there doing precisely this for specific countries and I have actually worked in an organization or numerous businesses doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I believe people have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however ultimately people are really stuck with what they recognize
with right um change is a challenging thing all of us don’t like change um so I believe it’s simply 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 understand certainly the benefits of having preserving several bank accounts but there’s a big quantity of intricacy chooses establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is big but I believe the truthful response is modification um individuals have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does position numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 employees you deserve a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Equatorial Guinea