Over the last five or 6 years …P31 Papaya Global 50… functions on the supplier side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so 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 simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up which must leave his time at the extremely 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 International labor forces become more and more common and handling them becomes increasingly more complicated International organizations are looking to find Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment perspective numerous organizations preserve separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve different bank accounts in some cases in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the international 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 enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most importantly guidelines compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 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 worldwide in the conventional payroll model there’s typically an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really extremely basic there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been slow 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 whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in international payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of international services have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors improperly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely 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 obstacles service face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 wherever you look best eventually building a knowledge base is definitely important but all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link 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 technology is enabling us to sort of progress with that it also also to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on wellness and the payment landscape is becoming increasingly complex. Businesses are continuously presenting brand-new advantages and payment choices, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically advanced era, there’s no validation for preserving troublesome procedures. Payroll, the company’s most significant expense, need to be processed properly and on time. Even small delays can negatively affect employees’ wellness and have significant repercussions. Therefore, it’s vital to focus on precise and prompt payments.
payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a terrific first step um providing an end-to-end payroll option for your employees worldwide again I believe is another huge um procedure again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of organizations and lowering the number of tools platforms and savings account they need for their Worldwide 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 ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 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 do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 procedures and also so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that lots of 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 definitely be a fascinating 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 was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of try to get back to everybody so proceeding appearance why do companies select to primary separate savings account there are P31 Papaya Global 50 organizations out there doing precisely this for specific countries and I’ve worked in an organization or numerous services 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 producing additional work for anyone where we don’t have to and anybody that’s managing 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 believe numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately 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 simply been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing however eventually people are extremely stuck with what they’re familiar
with ideal um modification is a tough thing we all do not like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving numerous bank accounts but there’s a substantial amount of intricacy chooses establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I think the honest response is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does present a number of challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. P31 Papaya Global 50