Over the last 5 or six years …How Much Is Papaya Global… roles on the supplier side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort 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 everybody comes from and I actually do hope it’s much sunnier than it is 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 very bleak and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and managing them becomes more and more intricate Global organizations are aiming to discover Solutions and new ways to enhance processes particularly from a payroll and cross-border payment standpoint numerous companies keep separate bank account just for payroll while some have several accounts in various countries does it make sense for business to maintain different checking account in some cases in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments accurately effectively 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 accurately anticipate their payroll expenses 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 globally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there’s frequently an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really extremely 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 which just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide services have 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 due to time reporting bad HCM data data entry mistakes badly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 essential and technology is enabling us to type of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the payment landscape is ending up being significantly intricate. Companies are constantly introducing brand-new benefits and payment choices, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically innovative period, there’s no justification for preserving cumbersome procedures. Payroll, the company’s most significant cost, need to be processed correctly and on time. Even slight hold-ups can negatively impact staff members’ well-being and have significant effects. Therefore, it’s important to focus on precise and prompt payments.
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 things is definitely essential that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a great primary step um offering an end-to-end payroll service for your workers internationally once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and reducing the number 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 terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of 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 problems where things haven’t gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how essential a role 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 everyone that’s associated with those processes and also so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying 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 need days of the week to try to check out them and in fact see what was going on and type of shot to get back to everybody so carrying on look why do companies pick to main separate checking account there are How Much Is Papaya Global businesses out there doing precisely this for specific nations and I’ve worked in an organization or many organizations doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t need to and any person that’s managing 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 quantity that we are I believe numerous factors one is it’s the requirement I think individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it requires altering however ultimately individuals are really stuck to what they recognize
with best um modification is a hard thing we all don’t like modification um so I think 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 comprehend obviously the advantages of having keeping numerous checking account but there’s a substantial quantity of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge however I think the honest response is change um people have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does present several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed our Business 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 International staff members you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you How Much Is Papaya Global