Over the last five or 6 years …Papaya Global Zero Hours Contract… roles on the company side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them ends up being increasingly more complicated International organizations are aiming to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment viewpoint lots of organizations keep different checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep different savings account in some cases in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business simplify the episode complex processes of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add further intricacy the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 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 traditional payroll model there’s typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really basic there’s no genuine consistency framework we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes poorly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the required numerous 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 business face when they’re paying to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be consisted of right 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 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 ideal eventually constructing a knowledge base is definitely important however everywhere 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 look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to type of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide 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 information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is becoming significantly detailed. Organizations are continually presenting brand-new advantages and payment options, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my opinion, this does not need to hold true. In today’s highly innovative era, there’s no validation for preserving cumbersome procedures. Payroll, the business’s most significant expense, must be processed properly and on time. Even slight hold-ups can adversely impact workers’ well-being and have significant repercussions. Therefore, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment solution is a great first step um supplying an end-to-end payroll solution for your staff members globally once again I think is another substantial um process once again aligning and ensuring you have standardization International procedures all of those things are definitely crucial to success success of services and minimizing the variety of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re meant 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 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 simple as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly 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 was the case 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 get back to everybody so moving on appearance why do business pick to main separate savings account there are Papaya Global Zero Hours Contract companies out there doing exactly this for particular countries and I’ve operated in a service or lots of companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person where we do not need to and anyone that’s dealing with 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 many factors one is it’s the standard I think people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering however eventually individuals are extremely stuck with what they’re familiar
with right um modification is a tough thing we all don’t like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving numerous bank accounts but there’s a substantial amount of complexity opts for establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big but I think the sincere answer is modification um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to monitor and this method does posture a number of challenges um so Johnny could you tell us about those difficulties yeah naturally 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 seems like our CFO has acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Zero Hours Contract