Over the last 5 or 6 years …Papaya Global Services Pvt Ltd… functions on the provider side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide 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 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 kind of like see where everyone 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 really gloomy and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and managing them becomes increasingly more complicated Worldwide companies are aiming to find Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment perspective many organizations keep separate savings account just for payroll while some have several accounts in different nations does it make good sense for business to maintain different checking account sometimes in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Labor force is presently 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 companies and growing all doing their own thing around the globe in the conventional payroll design there’s often a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely fundamental there’s no real consistency framework we’re living in an age of tech however payroll has actually been slow 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 whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the average expense 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 cash around the globe payroll and payments do not run efficiently if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be consisted of right and what does
it require to be thought of 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 essential and technology is permitting us to type of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll 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 people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to contribute to type of the level of complexity there’s a growing number of benefits being organ or being offered by organizations throughout the world so again you’re just looking to add increasingly more 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 but have you got any experience in kind of real challenges or real tough type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an impact perspective on workers it is absolutely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first International Payments very first payroll payment solution is a great preliminary action towards offering a thorough payroll option for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account necessary for international payroll are key consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyhow we know how how essential 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 associated with those processes and also so imagine sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task 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 attempt to look through them and really see what was going on and sort of try to get back to everyone so moving on look why do companies select to primary separate checking account there are Papaya Global Services Pvt Ltd organizations out there doing exactly this for specific countries and I’ve worked in a service or lots of organizations doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe 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 actually got so utilized to we require 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 believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however ultimately individuals are very stuck to what they recognize
with best um change is a difficult thing we all don’t like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining multiple bank accounts but there’s a big quantity of complexity opts for establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is big however I believe the truthful answer is change um individuals haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to track and this approach does present several difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Services Pvt Ltd