Over the last 5 or 6 years …Papaya Global One… roles on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us 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 everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and handling them ends up being increasingly more complex Worldwide organizations are seeking to discover Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep separate bank accounts in some cases in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they add further intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there’s often a frustrating variety of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or very very standard there’s no real consistency framework we’re residing in a period 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 frequently with pen and paper and that just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of a photo they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the data is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be consisted of ideal 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 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to type of progress with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m always impressed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to sort of the level of intricacy there’s more and more benefits being organ or being offered by companies throughout the world so again you’re simply seeking to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine challenging sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost point of view from an impact viewpoint on workers it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging impact on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been surprised entering this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just discover when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment service is an excellent initial action towards supplying an extensive payroll solution for staff members worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and savings account necessary for worldwide payroll are essential factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyway we know 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of 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 really see what was going on and kind of try to get back to everybody so proceeding look why do companies choose to primary separate savings account there are Papaya Global One businesses out there doing precisely this for specific countries and I have actually operated in a company or many services doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I believe people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety 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 people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires altering however ultimately individuals are very stuck with what they’re familiar
with best um change is a difficult thing we all do not like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having maintaining several savings account however there’s a big amount of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big but I believe the truthful response is change um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings 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 alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to track and this approach does position a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global One