Over the last 5 or six years …Papaya Global Multi Company… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort 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 drizzling here it’s extremely really dreary and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and handling them becomes more and more complex International companies are looking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment perspective numerous organizations maintain different bank account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain different savings account often in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate 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 importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the worldwide Labor force is currently 3 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 consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating variety of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency structure we’re residing 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 frequently with pen and paper which simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the essential multiple procedures 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 difficulties service face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be included best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the client’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely crucial but 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 look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 frequently 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by companies throughout the world so once again you’re just seeking to add more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real difficult type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups 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 doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era 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 requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost point of view from an effect perspective on staff members it is definitely vital that it’s done properly and on time so what we imply 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 detrimental effect on people’s wellness and lots of other elements if people aren’t paid uh I’ve always been astonished coming into this Market sort 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 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 important cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other crucial matters are done properly. Using the very first Worldwide Payments very first payroll payment option is an excellent preliminary action towards supplying an extensive payroll solution for staff members worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and savings account essential for global payroll are crucial consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyway we understand how how essential 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 simple as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of try to return to everyone so proceeding look why do companies select to primary different savings account there are Papaya Global Multi Company organizations out there doing precisely this for specific nations and I have actually operated in an organization or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s managing that procedure 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 believe many reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new savings 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 just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering but eventually people are extremely stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping several checking account but there’s a huge amount of intricacy opts for setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is big but I think the sincere response is modification um individuals have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Multi Company