Over the last five or six years …Example Of Papaya Global… functions on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise go over a recap which ought to leave his time at the extremely extremely 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 become a growing number of typical and handling them ends up being increasingly more intricate Worldwide companies are aiming to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint numerous companies keep separate savings account just for payroll while some have numerous accounts in various nations does it make sense for business to preserve separate checking account in some cases in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they add more complexity the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s frequently a frustrating number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really extremely standard there’s no real consistency structure we’re living in an age 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 which just blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international companies have expressed 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 because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of progress with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals state I have actually divided 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 estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the compensation landscape is becoming progressively elaborate. Companies are constantly presenting new advantages and payment options, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly sophisticated age, there’s no reason for maintaining troublesome procedures. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even small delays can adversely affect staff members’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on accurate and prompt payments.
payroll team 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 excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 definitely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a great primary step um offering an end-to-end payroll option for your workers globally once again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and bank accounts they require for their Global 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 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 in fact doing that for for the thanks
anyhow we know how how essential a function it is which’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 also so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision 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 definitely be a fascinating 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 in fact see what was going on and type of shot to get back to everybody so moving on look why do business choose to primary separate savings account there are Example Of Papaya Global organizations out there doing precisely this for specific nations and I have actually operated in a business or lots of organizations doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anybody that’s dealing with 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 numerous factors one is it’s the standard I believe people have actually got so used to we require a new checking account we open an entity and appropriately so you require 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 standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing however ultimately people are really stuck with what they’re familiar
with right um modification is a difficult thing we all don’t like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving several checking account but there’s a big amount of complexity opts for establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is big however I think the sincere response is modification um people haven’t had the ability to alter or have not had always the knowledge to truly 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 a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this technique does posture a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I just 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 employees you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Example Of Papaya Global