Over the last 5 or six years …Papaya Global Bureau Issues Today… roles on the company side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply 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 rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also go over a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them becomes more and more complicated Worldwide organizations are aiming to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective many companies keep different bank account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain different checking account in some cases in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments precisely efficiently firmly 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 expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the international Labor force is presently three and a half billion people by 2030 it’s estimated 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s often a frustrating number of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely very fundamental there’s no genuine consistency structure we’re living in a period of tech but payroll has been slow 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 every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international businesses have revealed that they do not 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 data information entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be consisted of best 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 country there’s payment timespan there’s payment capabilities 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 complexity anywhere you look right ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if but some children 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 think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of move forward with that it also also 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 vital that payroll and financing teams work better together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on well-being and the compensation landscape is becoming progressively complex. Businesses are continuously introducing brand-new benefits and payment choices, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly sophisticated period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, need to be processed correctly and on time. Even small delays can adversely affect workers’ wellness and have significant repercussions. Therefore, it’s critical to focus on precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has 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 people only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally as well. For that reason, it is essential to ensure that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment solution is a terrific initial step towards providing an extensive payroll option for employees worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account necessary for worldwide payroll are essential consider achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyhow 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 processes and likewise so imagine sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do business select to main separate checking account there are Papaya Global Bureau Issues Today services out there doing exactly this for specific countries and I’ve worked in a service or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe 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 used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing but ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a difficult thing all of us don’t like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping several bank accounts however there’s a substantial quantity of intricacy goes with setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is substantial however I believe the honest answer is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component 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 understand what might practically be figured out to be the next Century or two there is a lot to keep track of and this approach does pose several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety 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 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Bureau Issues Today