Over the last 5 or 6 years …Can Papaya Global… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually 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 raining here it’s extremely really bleak and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap which must leave his time at the extremely really 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 Worldwide workforces end up being increasingly more typical and managing them becomes increasingly more complicated International organizations are wanting to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different savings account in some cases in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include more complexity the worldwide Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals 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 all over the world in the traditional payroll model there’s frequently a frustrating variety of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very very standard there’s no genuine consistency framework we’re residing in an era of tech however payroll has actually 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 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 sleep deprived nights and quite frankly the more a company invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international services have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the required multiple processes 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 difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not require to be included ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they are like very payments no if but some infants 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 recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 however 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 type of the level of complexity there’s more and more benefits being organ or being used by organizations across the world so again you’re just wanting to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams 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 doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we run 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 an age that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost perspective from an impact viewpoint on workers it is absolutely important that it’s done correctly and on time so what we suggest 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 destructive impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been astonished entering this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally also. Therefore, it is vital to make sure that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment option is a fantastic initial action towards supplying a detailed payroll solution for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and checking account necessary for worldwide payroll are essential factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know how how essential a role 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 simple as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying 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 sort of try to return to everyone so moving on look why do companies select to main different savings account there are Can Papaya Global organizations out there doing precisely this for particular countries and I’ve worked in a business or many companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think individuals have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing however eventually people are very stuck with what they’re familiar
with right um modification is a difficult thing all of us don’t like modification um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping numerous bank accounts but there’s a big quantity of complexity goes with setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is big however I believe the truthful response is modification um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank 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 have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does position numerous difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched 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 Worldwide employees you are worthy of a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Can Papaya Global