Over the last 5 or six years …Papaya Global Payrol… roles on the company side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well one of 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 rather fascinating 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 everyone comes from and I actually 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 drizzling here it’s extremely really dreary and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also review a wrap-up and that needs to leave his time at the extremely extremely 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 International workforces become more and more common and handling them becomes a growing number of intricate Global companies are seeking to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint lots of organizations keep different checking account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve separate bank accounts often in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex processes of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 around the globe in the standard payroll design there’s frequently a frustrating number of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really extremely standard there’s no real consistency structure we’re living in an age of tech but 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 simply 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 organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of international businesses have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 any place you look best eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they are like incredibly payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the payment landscape is ending up being increasingly intricate. Companies are continuously presenting brand-new advantages and payment options, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly innovative era, there’s no validation for keeping troublesome treatments. Payroll, the company’s greatest cost, must be processed properly and on time. Even small delays can negatively impact workers’ well-being and have far-reaching effects. For that reason, it’s critical to focus on precise and timely payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout 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 crucial that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll solution for your employees internationally once again I think is another big um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of organizations and lowering the variety 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 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how essential a role 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 associated with those processes and also so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh absolutely 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 sort of try to return to everyone so proceeding appearance why do companies choose to main separate checking account there are Papaya Global Payrol companies out there doing precisely this for specific nations and I’ve operated in a business or many services doing exactly that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s dealing with 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 think individuals have got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining multiple savings account but there’s a substantial quantity of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is big but I think the honest response is modification um individuals haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does posture a number of challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise 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 staff members you deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payrol