Over the last 5 or 6 years …Papaya Global New Caledonia… roles on the provider side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and managing them ends up being a growing number of intricate Global companies are wanting to discover Solutions and new methods to enhance procedures especially from a payroll and cross-border payment viewpoint lots of companies keep separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different checking account often in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known 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 advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Workforce is currently three and a half billion people 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 services and growing all doing their own thing around the globe in the traditional payroll design there’s frequently an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely fundamental there’s no real consistency framework we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the typical cost of an international 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 do not run efficiently if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be consisted of ideal 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 country there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly astonished 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 occupation 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 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so once again you’re just aiming to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine challenging type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger a business 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 details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost viewpoint from an impact perspective on workers it is absolutely critical 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 need to be done right it has the most significant destructive impact on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly 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 just discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. For that reason, it is essential to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is a terrific initial step towards providing a detailed payroll option for employees worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts essential for international payroll are crucial consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we understand 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of shot to return to everybody so carrying on look why do companies pick to primary separate checking account there are Papaya Global New Caledonia services out there doing exactly this for specific countries and I’ve worked in a service or lots of organizations doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anybody where we do not need to and anybody that’s handling that process 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 think numerous factors one is it’s the requirement I believe people have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering however ultimately individuals are very stuck to what they’re familiar
with ideal um change is a hard thing we all don’t like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping numerous bank accounts but there’s a substantial quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is huge however I think the honest answer is change um people haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve constantly 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 know what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this approach does present several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a change 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 acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global New Caledonia