Over the last five or 6 years …Voiding A Check In Papaya Global… functions on the supplier side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of 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 rather interesting 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 everybody comes from and I really do hope it’s much sunnier than it remains 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 extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also discuss a recap and that ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers 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 ends up being increasingly more complex Worldwide organizations are wanting to find Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment perspective many companies keep separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve separate bank accounts sometimes in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the worldwide 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 streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance data security and banking guidelines then there are the large numbers they add further intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 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 around the globe in the conventional payroll model there’s frequently an overwhelming number of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely fundamental there’s no genuine consistency structure we’re residing in an era of tech however 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 simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on international payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of international services 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 mistakes are due to time reporting bad HCM information data entry errors badly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the needed multiple procedures 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 company face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be included best and what does
it require to be considered there’s differing Bank details 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very 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 definitely essential and technology is enabling us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the payment landscape is becoming significantly elaborate. Companies are continually presenting brand-new benefits and payment options, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically sophisticated age, there’s no reason for keeping troublesome treatments. Payroll, the business’s most significant expense, must be processed correctly and on time. Even small delays can negatively impact workers’ wellness and have far-reaching repercussions. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll group get um so I’m not 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 staff members or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 things is definitely essential that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll option for your employees worldwide again I believe is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of services and lowering the variety of tools platforms and bank accounts they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless 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 problems where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 associated with those procedures and also so picture sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying 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 need days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everybody so proceeding look why do business select to main different savings account there are Voiding A Check In Papaya Global companies out there doing precisely this for specific countries and I’ve operated in a business or many companies doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t need to and any person 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 reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs changing but eventually people are really stuck with what they’re familiar
with right um modification is a tough thing all of us do not like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving multiple checking account however there’s a huge quantity of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is big however I think the honest response is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep track of and this method does present a number of obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched our Enterprise 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 International staff members you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Voiding A Check In Papaya Global