Over the last 5 or six years …Papaya Global Acquisition… 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 everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates 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 really very dreary and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a recap which needs to 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 labor forces become a growing number of typical and managing them becomes increasingly more complex Global organizations are seeking to find Solutions and new ways to streamline procedures especially from a payroll and cross-border payment standpoint numerous organizations keep separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different savings account often in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or really very fundamental there’s no genuine consistency framework we’re residing in an era 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 often with pen and paper which just 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 services state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be included best and what does
https://www.youtube.com/watch?v=pNjMoPeng0A
it need to be thought of there’s differing 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 abilities 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 customer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it also also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 eventually 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 reside in and well-being being increasingly more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by companies throughout the world so again you’re just wanting to include more and more payments to this currently complex landscape so if you kind 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 genuine obstacles or genuine tough type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop extra handoffs in the processes 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 era that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any service has from an expense viewpoint from an impact point of view on employees it is definitely vital that it’s done properly 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 most significant destructive impact on people’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually 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 people only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally as well. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the first Global Payments first payroll payment option is a great preliminary step towards supplying a comprehensive payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts essential for global payroll are crucial factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know how how crucial a function 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 involved in those processes and likewise so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially 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 a fascinating 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 get back to everyone so moving on look why do business pick to primary separate bank accounts there are Papaya Global Acquisition services out there doing exactly this for particular countries and I have actually operated in an organization or many services doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but 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 adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering but eventually people are extremely stuck to what they’re familiar
with right um modification is a challenging thing all of us do not like change um so I believe it’s simply sort 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 clearly the advantages of having keeping numerous savings account but there’s a big amount of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is big however I think the honest response is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter 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 moving on and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this method does present a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise 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 actually gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Acquisition