Over the last 5 or six years …Papaya Global Pty Ltd… functions on the company side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes 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 raining here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also review a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them ends up being more and more complicated International organizations are wanting to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment perspective lots of organizations preserve separate checking account just for payroll while some have several accounts in various nations does it make sense for companies to preserve separate savings account sometimes in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies improve the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s often an overwhelming variety of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very extremely fundamental there’s no genuine consistency framework we’re living in a period of tech but payroll has been sluggish 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 believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international companies have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors badly communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble incredibly payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to kind of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals say I have actually 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 split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the payment landscape is ending up being progressively intricate. Organizations are constantly presenting brand-new benefits and payment choices, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly innovative age, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s biggest cost, must be processed properly and on time. Even small delays can adversely affect workers’ wellness and have far-reaching repercussions. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a terrific primary step um offering an end-to-end payroll solution for your employees internationally again I believe is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of services and reducing the number of tools platforms and checking account they need 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’ve never ever had a hundred countless 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 complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to return to everyone so proceeding appearance why do companies choose to primary separate savings account there are Papaya Global Pty Ltd services out there doing exactly this for specific nations and I’ve worked in a business or numerous organizations doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we don’t need to and any person that’s dealing with 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 reasons one is it’s the standard I believe people have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes but 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 passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a difficult thing we all don’t like modification um so I think it’s simply type 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 certainly the advantages of having maintaining several savings account but there’s a huge quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is substantial however I believe the honest answer is change um people haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or so there is a lot to track and this technique does pose a number of challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Pty Ltd