Over the last five or six years …Papaya Global Trinidad And Tobago… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another number of uh well one of 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 quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 very very bleak and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that needs to leave his time at the very 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 International labor forces end up being more and more common and handling them ends up being more and more intricate Global companies are aiming to discover Solutions and new methods to improve procedures particularly from a payroll and cross-border payment standpoint lots of organizations keep different savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve separate checking account often in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most significantly regulations compliance data security and banking rules then there are the large numbers they include more complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s typically an overwhelming variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely extremely basic there’s no real consistency structure we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on international payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of right 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 timespan there’s payment capabilities 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 any place you look ideal eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of move forward with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always surprised when individuals 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 divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on well-being and the compensation landscape is ending up being increasingly intricate. Companies are continually presenting new benefits and payment options, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s highly innovative era, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s greatest expenditure, need to be processed properly and on time. Even slight delays can adversely impact workers’ wellness and have far-reaching consequences. Therefore, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your staff members globally once again I think is another substantial um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how essential a function 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 easy as possible for everybody that’s involved in those processes and likewise so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean 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 need days of the week to try to look through them and really see what was going on and sort of shot to return to everyone so proceeding appearance why do companies pick to primary separate checking account there are Papaya Global Trinidad And Tobago businesses out there doing exactly this for specific countries and I have actually operated in an organization or numerous companies doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not 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 quantity that we are I think lots of factors one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing but eventually people are very stuck with what they’re familiar
with best um modification is a difficult thing we all don’t like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple checking account however there’s a big quantity of intricacy chooses establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge but I believe the sincere response is modification um individuals haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we have actually constantly 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 practically be figured out to be the next Century or so there is a lot to track and this technique does posture several obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I simply did you changed 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 International employees you should have a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Trinidad And Tobago