Over the last 5 or six years …Namely Papaya Global… functions 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 very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting 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 everybody comes from and I truly 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 very very bleak and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll likewise review a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them becomes more and more complex Global companies are wanting to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment perspective lots of companies keep separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different bank accounts sometimes in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational 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 worldwide pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most notably regulations compliance data security and banking rules then there are the large numbers they include additional intricacy the international Workforce 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 individuals that number is currently 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 world in the conventional payroll design there’s frequently an overwhelming variety of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely really fundamental 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 often with pen and paper and that simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on global payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of global organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the data is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t need to be included ideal 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 abilities 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 complexity anywhere you look right eventually building a knowledge base is definitely crucial however all over you look with payroll payment they are like super payments no if however some infants 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 acknowledgment that payroll payments are definitely basic and technology is enabling us to sort of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work better together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on wellness and the payment landscape is becoming significantly complex. Companies are continuously introducing new benefits and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my opinion, this does not need to hold true. In today’s highly sophisticated period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s greatest expenditure, must be processed correctly and on time. Even minor hold-ups can negatively affect employees’ wellness and have far-reaching consequences. For that reason, it’s crucial to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this kind of webinar has actually 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 employees or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a fantastic first step um supplying an end-to-end payroll option for your employees globally once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and checking account they require for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 associated with those processes and likewise so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying 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 need days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everybody so carrying on appearance why do business choose to main separate bank accounts there are Namely Papaya Global companies out there doing precisely this for particular nations and I’ve operated in a service or numerous organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and any person that’s managing 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 numerous factors one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past 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 procedure that needs taking a look at it needs altering but ultimately individuals are extremely stuck with what they recognize
with ideal um change is a difficult thing all of us don’t like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving multiple bank accounts however there’s a big amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is big however I think the honest answer is modification um people have not been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this method does present several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I simply did you switched 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 Worldwide staff members you deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Namely Papaya Global