Over the last five or six years …Papaya Global Marshall Islands… functions on the service provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody 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 kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was elsewhere 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 challenge years of managing International payroll why business maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll likewise review a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and managing them becomes a growing number of complex Global companies are looking to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment standpoint many companies keep separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain separate savings account often in various nations 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 assisting international companies streamline the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include more intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s approximated 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 all over the world in the conventional payroll design there’s typically an overwhelming variety of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or very extremely fundamental there’s no genuine consistency structure we’re living in an era of tech but 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 and that simply blows my mind whenever I I believe
about it to give 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 provides me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a picture they see a lack of presence also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal 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 information information entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be included right and what does
it need to be thought of 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is definitely vital however all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being provided by services throughout the world so again you’re just aiming to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or real tough kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense perspective from an effect point of view on staff members it is definitely vital 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 greatest detrimental effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been amazed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group 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 workers or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment service is an excellent primary step um supplying an end-to-end payroll solution for your staff members globally once again I believe is another huge um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their Worldwide 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how important 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 associated with those processes and likewise so think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and sort of try to get back to everyone so moving on look why do companies choose to main different checking account there are Papaya Global Marshall Islands services out there doing precisely this for specific nations and I’ve operated in a business or lots of organizations doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think individuals have got so utilized to we require a new savings account we open an entity and rightly 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 simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires changing however ultimately people are very stuck to what they recognize
with right um change is a tough thing we all don’t like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining multiple checking account but there’s a big quantity of intricacy goes with setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I think the honest answer is change um people haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep an eye on and this method does present a number of obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Marshall Islands