Over the last five or 6 years …Papaya Global Update 2024… functions on the provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone 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 really extremely bleak and I wish 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 handling International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them ends up being increasingly more intricate International companies are wanting to find Solutions and brand-new methods to streamline procedures particularly from a payroll and cross-border payment viewpoint numerous organizations keep separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep separate savings account often in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies improve the episode complex processes 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 precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating variety of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really really basic there’s no real consistency structure we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on global payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global services have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the wrong location the average 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 around the globe payroll and payments do not run smoothly if they rely on the necessary several processes 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 obstacles company face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be included best and what does
it require 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 amount of time there’s payment abilities 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 definitely important but all over you look with payroll payment they are like incredibly payments no if but 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 absolutely basic and innovation is allowing us to sort of progress with that it likewise as well to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m always astonished 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 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the compensation landscape is becoming significantly elaborate. Companies are continuously presenting brand-new advantages and payment options, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technologically advanced era, there’s no justification for keeping cumbersome procedures. Payroll, the company’s most significant expense, must be processed correctly and on time. Even slight hold-ups can negatively impact workers’ wellness and have significant effects. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply 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 things is definitely essential that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a terrific first step um supplying an end-to-end payroll service for your employees globally again I believe is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of organizations and reducing the number of tools platforms and savings account they need for their Global payroll too couldn’t 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 don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how crucial a function 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 everybody that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to return to everyone so carrying on appearance why do business select to primary separate checking account there are Papaya Global Update 2024 services out there doing precisely this for specific countries and I have actually worked in a service or lots of organizations doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe individuals have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look 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 requires looking at it needs changing but ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping several checking account but there’s a substantial amount of complexity goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge however I think the honest answer is modification um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or so there is a lot to keep track of and this method does posture several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range 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 International employees you should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Update 2024