Over the last five or 6 years …Papaya Global Greenland… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating 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 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 sunlight is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I want I was elsewhere at this moment in time alright 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 managing International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll likewise review a wrap-up which should leave his time at the extremely 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 Worldwide workforces end up being increasingly more common and managing them becomes a growing number of complicated Global companies are wanting to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective many companies preserve separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to preserve different checking account often in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business enhance the episode complex procedures of
making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most significantly policies compliance information security and banking rules then there are the large numbers they add further complexity the global Workforce is presently three 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 presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s often an overwhelming number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really very basic there’s no genuine consistency framework we’re residing in a period of tech but payroll has actually 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 whenever 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 state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international businesses have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be included ideal and what does
it need to be thought about 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 need 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 eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you 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 absolutely basic and technology is allowing us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of data 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 modern-day world positions a high worth on well-being and the compensation landscape is ending up being increasingly detailed. Organizations are continually presenting brand-new advantages and payment choices, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly advanced age, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, should be processed properly and on time. Even slight delays can adversely affect staff members’ well-being and have significant repercussions. For that reason, it’s vital to prioritize precise and prompt payments.
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been told 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 workers or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll service for your staff members globally once again I think is another huge um process again lining up and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they require for their International 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 do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of try to return to everyone so moving on appearance why do companies select to main different savings account there are Papaya Global Greenland businesses out there doing exactly this for specific nations and I’ve worked in an organization or lots of businesses doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and any person that’s dealing with 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 amount that we are I believe many reasons one is it’s the requirement I think individuals have actually got so used to we require a new bank 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 simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering however ultimately individuals are really stuck with what they recognize
with ideal um change is a tough thing all of us don’t like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping numerous checking account but there’s a substantial quantity of complexity chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big but I think the honest response is modification um people have not had the ability to alter or haven’t had necessarily the understanding to actually 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 understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep track of and this technique does posture 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 workers you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Greenland