Over the last 5 or 6 years …Papaya Global Refresher Course… roles on the supplier side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s raining here it’s really extremely bleak and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll also discuss a recap and that needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and handling them ends up being increasingly more complicated Global organizations are aiming to find Solutions and new ways to improve processes particularly from a payroll and cross-border payment perspective lots of companies keep separate savings account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve different bank accounts in some cases in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses 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 hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most notably guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s approximated 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there’s no genuine consistency framework we’re living in an age 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 each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it need to be considered there’s varying 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in 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 technology is permitting us to type of progress with that it also too 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 absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the settlement landscape is becoming increasingly complex. Businesses are continually introducing brand-new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technically sophisticated period, there’s no validation for keeping cumbersome procedures. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even slight hold-ups can adversely affect employees’ wellness and have significant effects. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m uncertain anybody on this type of webinar has actually 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 important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a great first step um supplying an end-to-end payroll option for your staff members internationally again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and checking account they need for their Global 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 processes and likewise so envision sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially 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 absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everybody so carrying on look why do business pick to primary different bank accounts there are Papaya Global Refresher Course companies out there doing exactly this for particular countries and I’ve operated in an organization or many businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately 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 just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering but eventually people are very stuck to what they recognize
with ideal um modification is a challenging thing we all do not like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping multiple savings account but there’s a huge quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge but I think the sincere answer is modification um individuals have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to monitor and this approach does posture several challenges um so Johnny could you tell 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 workers you deserve a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Refresher Course