Over the last 5 or six years …Papaya Global Down… roles on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise go over a recap which must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and managing them ends up being increasingly more complex Global companies are looking to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment viewpoint numerous companies keep separate bank account just for payroll while some have several accounts in different countries does it make good sense for business to preserve different bank accounts sometimes in various nations 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 enhance the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the worldwide Workforce is presently three 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 presently 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 number of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or really extremely basic there’s no genuine consistency structure we’re residing in an age of tech however payroll has 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 think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the needed several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included ideal and what does
it need to be thought of there’s varying Bank information 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to kind of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on wellness and the compensation landscape is becoming increasingly elaborate. Businesses are continuously presenting brand-new benefits and payment choices, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced period, there’s no validation for preserving troublesome procedures. Payroll, the business’s greatest cost, should be processed properly and on time. Even slight delays can adversely impact staff members’ well-being and have significant consequences. For that reason, it’s important to prioritize accurate and prompt payments.
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally also. Therefore, it is important to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first International Payments first payroll payment solution is a fantastic initial step towards offering an extensive payroll service for staff members worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and checking account essential for international payroll are essential consider achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how essential 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 simple as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state picture 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 talking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying 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 need days of the week to attempt to browse them and actually see what was going on and sort of shot to return to everybody so proceeding appearance why do business choose to primary different bank accounts there are Papaya Global Down services out there doing precisely this for specific nations and I’ve operated in a business or lots of organizations doing precisely that I can state it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anyone that’s handling 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 amount that we are I think lots of reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-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 just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately individuals are very stuck to what they’re familiar
with best um change is a challenging thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving several bank accounts however there’s a substantial amount of intricacy goes with establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is substantial but I believe the sincere response is modification um people have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Business 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 International workers you are worthy of a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Down