Over the last 5 or six years …Papaya Global Cupport… functions on the supplier side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just 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 remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very gloomy and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap and that must leave his time at the very very 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 Worldwide labor forces end up being more and more typical and managing them becomes a growing number of complicated International organizations are looking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint many organizations maintain different checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different checking account often in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance data security and banking rules then there are the large numbers they include more complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really extremely fundamental there’s no real consistency framework we’re living in a period of tech however payroll has actually been sluggish 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 each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the essential multiple procedures 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 challenges service face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought of there’s differing Bank details 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is becoming progressively elaborate. Organizations are continuously introducing new advantages and payment options, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly innovative age, there’s no justification for keeping troublesome procedures. Payroll, the business’s biggest expenditure, must be processed properly and on time. Even minor hold-ups can adversely affect workers’ wellness and have significant consequences. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a terrific initial step um offering an end-to-end payroll option for your workers internationally once again I think is another huge um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and checking account they require for their Worldwide 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 involved in those processes and likewise so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of shot to get back to everyone so moving on appearance why do companies select to main different savings account there are Papaya Global Cupport organizations out there doing exactly this for particular countries and I have actually operated in a business or lots of businesses doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced 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 lots of other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing however eventually people are very stuck to what they recognize
with best um change is a difficult thing we all do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous savings account but there’s a huge quantity of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is huge but I believe the truthful response is change um people have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to monitor and this technique does present numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range 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 staff members you are worthy of a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Cupport