Over the last 5 or 6 years …Papaya Global Not Launching 2018… functions on the supplier side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 raining here it’s really very gloomy and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and managing them becomes increasingly more complex International companies are looking to find Solutions and new ways to improve processes especially from a payroll and cross-border payment perspective many companies maintain separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve different bank accounts in some cases in various nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they include further complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or really extremely standard there’s no real 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 typically with pen and paper and that just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on international payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global organizations have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business 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 does not need to be consisted of 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 country there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if however some infants 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 absolutely basic and technology is enabling us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m always surprised when people say 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 estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on well-being and the settlement landscape is ending up being significantly intricate. Businesses are continually introducing new advantages and payment alternatives, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly sophisticated era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s greatest expense, must be processed properly and on time. Even slight hold-ups can negatively affect staff members’ wellness and have far-reaching consequences. Therefore, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m unsure anybody on this sort 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 workers or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout 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 things is absolutely essential that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll option for your staff members worldwide once again I think is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t 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 problems where things have not gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how important 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everybody so carrying on look why do business select to primary separate checking account there are Papaya Global Not Launching 2018 businesses out there doing exactly this for particular countries and I have actually worked in a company or many companies doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and anybody that’s managing 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 amount that we are I think numerous factors one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering but ultimately people are very stuck with what they’re familiar
with ideal um change is a tough thing all of us 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 great deal of track of stuff um I understand clearly the advantages of having preserving several checking account however there’s a huge amount of complexity opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is substantial but I think the truthful answer is modification um people haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this method does position numerous challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched our Business 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 Worldwide workers you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Not Launching 2018