Over the last 5 or 6 years …Papaya Global Sudan… roles on the supplier side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also go over a wrap-up which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them becomes a growing number of complicated Global companies are aiming to find Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment standpoint many companies preserve different checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain separate checking account in some cases in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated 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 organizations and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really very basic there’s no genuine consistency framework 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 often with pen and paper and that simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide 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 data information entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of a global data 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 smoothly if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint 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 great question I always toss this back and say what is it what doesn’t need to be included right and what does
it need to be considered there’s differing Bank information 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is allowing us to kind of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 frequently 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 individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on well-being and the compensation landscape is ending up being significantly intricate. Companies are constantly introducing brand-new advantages and payment alternatives, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s technically innovative period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s biggest cost, need to be processed properly and on time. Even slight hold-ups can negatively impact workers’ wellness and have far-reaching consequences. Therefore, it’s vital to focus on accurate and prompt payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll solution for your staff members internationally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and savings account they require 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 have actually never ever had a hundred thousand of 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 grievances where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how important a function it is which’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 involved in those processes and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh absolutely 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 attempt to look through them and in fact see what was going on and kind of shot to return to everybody so carrying on appearance why do business pick to primary separate checking account there are Papaya Global Sudan services out there doing exactly this for specific nations and I have actually operated in an organization or many businesses doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced 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 numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it requires altering however ultimately people are really stuck to what they’re familiar
with best um modification is a tough thing all of us don’t like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving multiple savings account however there’s a big quantity of complexity chooses establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is big however I think the truthful answer is change um people have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or so there is a lot to monitor and this method does position a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Business 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 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 Sudan