Over the last five or six years …How Does Papaya Global Work… functions on the company side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly 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 very really uninspiring and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also discuss a wrap-up and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and managing them ends up being more and more intricate Worldwide companies are aiming to discover Solutions and new ways to simplify processes particularly from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain separate checking account often in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global Workforce 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 people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or very very fundamental there’s no genuine consistency framework we’re living 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 often with pen and paper and that simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in global payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global businesses 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 errors are due to time reporting bad HCM information data entry errors badly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need 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 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 complexity any place you look ideal eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to type of progress with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m always impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to type of the level of complexity there’s more and more benefits being organ or being provided by services throughout the world so again you’re just wanting to include more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or real challenging type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an impact perspective on staff members it is definitely vital 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 need to be done right it has the greatest destructive effect on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the first Worldwide Payments first payroll payment option is a terrific preliminary step towards providing a detailed payroll service for staff members worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account required for worldwide payroll are crucial consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we know how how important a role 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 everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain 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 an intriguing job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and type of shot to return to everyone so moving on appearance why do companies choose to primary different checking account there are How Does Papaya Global Work businesses out there doing exactly this for specific nations and I’ve worked in a service or lots of companies doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and any person 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 amount that we are I believe many factors one is it’s the requirement I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number 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 passed by to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs changing but ultimately individuals are extremely stuck with what they recognize
with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving several bank accounts however there’s a substantial amount of intricacy goes with establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is substantial however I believe the truthful response is modification um individuals have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep track of and this technique does position several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range 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 jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication 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 more detailed, considering your achievements. How Does Papaya Global Work