Over the last 5 or six years …Papaya Global Vs… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly 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 raining here it’s really really dreary and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll likewise go over a wrap-up and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them becomes increasingly more complex Global companies are aiming to find Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep separate checking account in some cases in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies improve the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank 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 asset so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most notably policies compliance data security and banking rules then there are the sheer numbers they add further complexity the global Labor force 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s typically an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely fundamental there’s no genuine consistency structure we’re residing in an age 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 each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in global payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business 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 doesn’t require to be consisted of ideal and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they are like very 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by companies throughout the world so again you’re just looking to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or genuine challenging kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an impact perspective on staff members it is absolutely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been amazed entering this Market type of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just see when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. Therefore, it is necessary to guarantee that jobs like Wi-Fi Global and other vital matters are done properly. Using the first Worldwide Payments very first payroll payment solution is a fantastic preliminary action towards providing a comprehensive payroll option for staff members worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account needed for international payroll are crucial consider achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we know how how essential a role 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 processes and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everybody so moving on look why do business select to main separate bank accounts there are Papaya Global Vs organizations out there doing exactly this for particular countries and I have actually worked in a service or numerous companies doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and any person that’s handling that process 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 reasons one is it’s the standard I believe individuals have got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering however eventually individuals are really stuck to what they recognize
with ideal um change is a hard thing we all do not like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple bank accounts but there’s a huge amount of intricacy goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is substantial however I think the sincere response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep track of and this approach does present numerous challenges um so Johnny might you inform us about those challenges yeah obviously 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 Global employees you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Vs