Over the last five or six years …Papaya Global Support Contact… roles on the company side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting 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 everyone 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 extremely dreary and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that needs to leave his time at the extremely very 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 labor forces end up being more and more common and handling them becomes more and more intricate Global organizations are seeking to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment viewpoint lots of companies preserve different savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to preserve different bank accounts sometimes in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Workforce is currently 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 companies and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely very fundamental there’s no real consistency structure we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply 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 organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations along with lack management and system configurations 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 when payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t need to be included right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 customer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like super 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing teams work closer together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the compensation landscape is becoming significantly detailed. Services are constantly presenting brand-new advantages and payment options, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically innovative period, there’s no validation for preserving troublesome treatments. Payroll, the company’s most significant expenditure, must be processed correctly and on time. Even small hold-ups can adversely affect employees’ wellness and have significant consequences. For that reason, it’s crucial to focus on accurate and timely payments.
payroll team get um so I’m unsure anyone on this type of webinar has actually been informed 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 ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll service for your employees globally once again I think is another huge um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and reducing the variety of tools platforms and savings account they need for their Global payroll too couldn’t 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 do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 procedures and also so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and type of shot to get back to everybody so moving on appearance why do companies pick to main separate checking account there are Papaya Global Support Contact services out there doing precisely this for specific nations and I’ve operated in an organization or many services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t need to and any person that’s dealing with 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 believe lots of factors one is it’s the standard I think people have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked 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 looking at it needs changing but ultimately individuals are extremely stuck with what they’re familiar
with best um change is a difficult thing we all do not like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving numerous bank accounts however there’s a substantial quantity of intricacy opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is huge however I believe the honest response is modification um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to track and this method does pose numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Support Contact