Over the last five or six years …Papaya Global Direct Deposit… functions on the supplier side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also discuss a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and managing them ends up being more and more complicated Global organizations are looking to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective many organizations keep separate savings account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain different savings account sometimes in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 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 worldwide in the traditional payroll design there’s often a frustrating variety of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very very fundamental there’s no real consistency framework we’re living in a period of tech but payroll has been sluggish 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 believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s varying 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 have to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to type of the level of complexity there’s more and more benefits being organ or being used by organizations across the world so again you’re just aiming to add more and more payments to this already complicated landscape so if you kind 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 real difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task 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 does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an impact viewpoint on employees it is absolutely 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 have to be done right it has the biggest detrimental effect on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been amazed entering this Market type of the last 5 to ten years is how little thanks the
The payroll team 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 workers or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first Worldwide Payments first payroll payment option is a terrific initial step towards supplying an extensive payroll solution for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account necessary for global payroll are key consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyhow 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 everybody that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case 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 moving on look why do companies choose to primary different bank accounts there are Papaya Global Direct Deposit companies out there doing precisely this for specific countries and I have actually operated in an organization or numerous services doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have 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 believe this is a process that needs looking at it needs changing but eventually people are really stuck to what they recognize
with right um change is a tough thing all of us do not like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping several checking account but there’s a big amount of complexity opts for setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial but I think the honest response is change um individuals have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to monitor and this method does present a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Direct Deposit