Over the last five or six years …Papaya Global Import From Excel… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join we all 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 just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really 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 very very bleak and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing 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 utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll likewise go over a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them ends up being more and more complicated Worldwide companies are aiming to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective many companies preserve separate checking account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate savings account in some cases in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance information security and banking rules then there are the large numbers they include more complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated 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 services and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming variety of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really extremely standard there’s no genuine consistency framework we’re residing in an era 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 just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global businesses have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they rely on the essential numerous processes 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 difficulties business face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be consisted of best and what does
it require to be considered there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data 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 puts a high value on wellness and the compensation landscape is becoming increasingly complex. Organizations are continuously introducing brand-new advantages and payment options, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this does not have to hold true. In today’s technically innovative age, there’s no justification for preserving troublesome treatments. Payroll, the company’s greatest expenditure, need to be processed properly and on time. Even small delays can negatively affect employees’ well-being and have far-reaching consequences. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a fantastic primary step um supplying an end-to-end payroll service for your staff members internationally again I think is another substantial um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses 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 countless 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 complaints where things have not gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everybody that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to return to everyone so carrying on look why do companies choose to main different savings account there are Papaya Global Import From Excel companies out there doing exactly this for particular nations and I have actually worked in an organization or numerous companies doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t have to and anybody that’s handling 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 believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing however eventually individuals are very stuck to what they recognize
with right um change is a tough thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple checking account but there’s a substantial amount of complexity opts for setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is substantial however I believe the sincere answer is modification um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep track of and this approach does present a number of difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you switched our Enterprise 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 staff members you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Import From Excel