Over the last 5 or 6 years …Papaya Global Year End Process… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually 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 really really dreary and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also review a recap and that 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 moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and managing them ends up being increasingly more intricate Global organizations are seeking to discover Solutions and new methods to improve processes particularly from a payroll and cross-border payment viewpoint lots of companies keep separate savings account just for payroll while some have several accounts in different countries does it make sense for business to keep separate bank accounts sometimes in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 all over the world in the standard payroll model there’s often an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no genuine consistency structure we’re living 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 which simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be included best and what does
it require to be thought about there’s differing 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 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 customer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and innovation is permitting us to kind of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the payment landscape is becoming progressively elaborate. Businesses are continually introducing new benefits and payment options, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technically innovative era, there’s no justification for keeping troublesome treatments. Payroll, the business’s biggest cost, must be processed correctly and on time. Even minor delays can adversely impact staff members’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize precise and timely payments.
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think 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 stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um supplying an end-to-end payroll option for your employees globally again I think is another big um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and decreasing the number of tools platforms and checking account they require for their Worldwide payroll too could not 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 rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway 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 easy as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to get back to everybody so moving on look why do companies select to main different checking account there are Papaya Global Year End Process organizations out there doing precisely this for specific countries and I’ve worked in a business or lots of companies doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t need 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 reasons one is it’s the standard I think people have got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but ultimately people are really stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple savings account but there’s a substantial amount of intricacy goes with establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is substantial but I think the honest response is change um individuals have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually 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 practically be determined to be the next Century approximately there is a lot to keep track of and this technique does position a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I simply did you changed 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 International employees you are worthy of a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End Process