Over the last 5 or 6 years …Papaya Global Linkedin… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was elsewhere 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 Global payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and managing them ends up being more and more complicated Worldwide companies are wanting to discover Solutions and new methods to improve processes particularly from a payroll and cross-border payment viewpoint many organizations maintain different checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain separate bank accounts often in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance data security and banking rules then there are the large numbers they include more complexity 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 people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really extremely standard there’s no real consistency structure we’re residing in an era 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 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 only 11 of organizations state 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 visibility likewise reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective 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 an excellent concern I constantly toss this back and state what is it what doesn’t require to be included ideal 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 amount of time there’s payment capabilities 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 client’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like very 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 acknowledgment that payroll payments are absolutely essential and technology is permitting us to type of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m always amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by organizations across the world so once again you’re just wanting to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an impact viewpoint on staff members it is absolutely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific primary step um offering an end-to-end payroll solution for your staff members internationally once again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and bank accounts 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how essential a function 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 everybody that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying 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 need days of the week to attempt to browse them and really see what was going on and type of try to return to everyone so proceeding appearance why do business choose to main separate bank accounts there are Papaya Global Linkedin businesses out there doing exactly this for specific countries and I have actually worked in an organization or lots of companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think people have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it requires altering however ultimately individuals are extremely stuck to what they recognize
with best um modification is a tough thing all of us don’t like modification um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining numerous bank accounts but there’s a big quantity of complexity goes with establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge however I think the truthful answer is modification um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to monitor and this method does position a number of challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Linkedin