Over the last five or six years …Papaya Global Payroll Systems… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually 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 drizzling here it’s really very dreary and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a recap which should leave his time at the very extremely 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 Worldwide workforces become increasingly more typical and managing them ends up being more and more complicated International companies are wanting to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment standpoint lots of organizations keep separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different bank accounts sometimes in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex procedures of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they include additional complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming number of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely really standard there’s no genuine consistency structure we’re living in an era of tech however 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 believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international organizations have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
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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 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise 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 progressively complex. Companies are continuously presenting brand-new advantages and payment alternatives, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly innovative age, there’s no reason for preserving cumbersome procedures. Payroll, the company’s greatest expenditure, must be processed properly and on time. Even minor delays can negatively impact workers’ well-being and have significant repercussions. For that reason, it’s crucial to focus on precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has 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 staff members or not um however eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong 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 things is absolutely vital that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll solution for your staff members worldwide again I believe is another substantial um process once again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of companies and lowering the number of tools platforms and bank accounts they require 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow 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 involved in those processes and also so envision sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean 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 try to look through them and really see what was going on and sort of try to get back to everyone so carrying on appearance why do companies select to primary separate savings account there are Papaya Global Payroll Systems companies out there doing precisely this for specific nations and I’ve operated in an organization or numerous services doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require 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 standard individuals have 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 methods um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires altering however ultimately people are really stuck to what they recognize
with best um change is a hard thing we all do not like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several savings account however there’s a substantial amount of complexity goes with setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is substantial however I believe the sincere answer is modification um people haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or so there is a lot to track and this approach does present numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Payroll Systems