Over the last five or 6 years …Papaya Global Cook Islands… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join we all 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 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 is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll likewise review a wrap-up and that must leave his time at the extremely really 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 a growing number of common and managing them ends up being a growing number of complicated Worldwide companies are wanting to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment perspective numerous organizations preserve different savings account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve different savings account in some cases in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further complexity the international 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 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 around the globe in the conventional payroll design there’s frequently a frustrating number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely extremely basic there’s no genuine consistency structure we’re living in an era of tech but payroll has 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 simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of international companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be included best 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 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 intricacy anywhere you look right ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of move forward with that it also also to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by services across the world so once again you’re just aiming to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense point of view from an effect point of view on staff members it is definitely important 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 damaging result on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been impressed entering this Market type of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. Therefore, it is essential to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the first Worldwide Payments first payroll payment option is a great initial step towards supplying a comprehensive payroll service for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account required for international payroll are essential factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyhow we understand how how crucial 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 everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na state picture 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 envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so proceeding look why do business select to main separate savings account there are Papaya Global Cook Islands services out there doing precisely this for specific countries and I’ve worked in a company or many services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t 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 amount that we are I think many reasons one is it’s the requirement I believe people have actually got so utilized to we need a new savings account we open an entity and appropriately so you need 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 requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering however eventually people are extremely stuck with what they’re familiar
with right um modification is a difficult thing all of us do not like change 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 stuff um I comprehend undoubtedly the advantages of having preserving multiple checking account however there’s a substantial quantity of intricacy opts for setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is huge but I believe the truthful response is modification um individuals have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does position numerous challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise 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 actually acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Cook Islands