Over the last five or 6 years …Papaya Global Revenue… roles on the provider side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all 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 already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 very really dreary and I want I was somewhere else 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 handling Global payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them becomes increasingly more complex International organizations are wanting to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of organizations keep different savings account just for payroll while some have several accounts in different countries does it make sense for companies to keep different checking account often in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include more complexity the international Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s often an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely very basic there’s no genuine 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 frequently with pen and paper which just blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of international businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the typical expense of a worldwide 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 smoothly if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be consisted of best 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 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and technology is allowing us to sort of progress with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely essential that payroll and finance groups work better together than ever um I’m always surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the payment landscape is ending up being progressively intricate. Organizations are continuously introducing brand-new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s highly innovative era, there’s no validation for maintaining troublesome procedures. Payroll, the business’s biggest cost, must be processed correctly and on time. Even small hold-ups can negatively impact employees’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on precise and timely payments.
payroll team get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe 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 things is definitely essential that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll option for your workers globally again I believe is another substantial um process once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of services and lowering the variety of tools platforms and savings account they require for their Worldwide 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are in fact 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 associated with those processes and likewise so picture sorry I’m simply I was just gon na say picture 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 possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everyone so carrying on look why do companies select to primary different checking account there are Papaya Global Revenue services out there doing exactly this for particular nations and I’ve worked in a business or lots of services doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s managing 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 think numerous reasons one is it’s the standard I think people have got so used to we need a new savings account we open an entity and appropriately so you need 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 individuals have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it needs altering but ultimately people are very stuck with what they recognize
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 have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining several checking account but there’s a huge amount of intricacy goes with setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is big however I believe the truthful answer is modification um individuals haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to monitor and this technique does posture numerous obstacles um so Johnny might you tell us about those obstacles yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Revenue