Over the last 5 or six years …Iab Level 3 In Papaya Global Management… roles on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 extremely really bleak and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also go over a wrap-up and that should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and managing them becomes more and more intricate Global organizations are wanting to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of organizations maintain different checking account just for payroll while some have several accounts in various nations does it make good sense for business to maintain separate checking account in some cases in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s frequently an overwhelming variety of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really extremely fundamental there’s no real consistency structure we’re living 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 typically with pen and paper and that just blows my mind every time I I think
about it to provide 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 provides me sleepless nights and rather honestly the more a business invests in global payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of international 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 because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they depend on the essential several processes 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 obstacles service face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be consisted of ideal 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 time frames there’s payment abilities so can you pay it from International or do you need 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 right ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely payments no if however some infants 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 recognition that payroll payments are definitely basic and technology is permitting us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 eventually 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 also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the compensation landscape is ending up being significantly complex. Companies are continuously introducing new advantages and payment options, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technologically advanced era, there’s no validation for preserving troublesome procedures. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even small delays can adversely affect employees’ well-being and have significant repercussions. For that reason, it’s critical to prioritize precise and prompt payments.
payroll team get um so I’m not sure anyone on this sort of webinar has actually been told 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 staff members or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a great primary step um providing an end-to-end payroll option for your staff members worldwide once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of companies and reducing the number of tools platforms and bank accounts they need for their International 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how important 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 imagine sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everyone so moving on appearance why do companies choose to primary different checking account there are Iab Level 3 In Papaya Global Management companies out there doing precisely this for particular nations and I have actually worked in a company or numerous organizations doing precisely that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but eventually people are really stuck to what they’re familiar
with right um change is a difficult thing we all don’t like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining several checking account but there’s a substantial amount of complexity chooses establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is big but I think the honest answer is change um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does posture numerous challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Iab Level 3 In Papaya Global Management