Over the last 5 or 6 years …Papaya Global Aeps Commission… functions on the service provider 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 everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly 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 raining 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 program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also go over a recap which must leave his time at the really 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 International workforces become increasingly more typical and managing them becomes increasingly more complicated International companies are aiming to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment viewpoint numerous companies maintain different savings account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve different bank accounts sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they include more intricacy the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 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 worldwide in the traditional payroll design there’s often a frustrating number of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely standard there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on international payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of international companies have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when 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 needed multiple processes 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 challenges business face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included right and what does
it require 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 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 need to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to type of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people state 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 divide the payroll payment from computation 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 process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses across the world so once again you’re simply aiming to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or real tough type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely say 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 job there are groups feeding information into the next function as it were that’s actually handling 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 know long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost point of view from an effect point of view on employees it is definitely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging result on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been surprised entering into this Market type of the last five to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally too. Therefore, it is necessary to make sure that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is a great initial step towards providing a detailed payroll service for workers worldwide. Standardization, global processes, and reducing the number of tools, platforms, and checking account necessary for worldwide payroll are essential factors in achieving service success. While we don’t expect 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 gratitude.
anyhow we know how how essential 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying 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 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 everybody so moving on look why do companies select to main different bank accounts there are Papaya Global Aeps Commission businesses out there doing precisely this for specific countries and I’ve worked in a service or numerous organizations doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add 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 think there’s a range I believe this is a procedure that requires looking at it needs altering but ultimately people are very stuck to what they recognize
with ideal um change is a tough thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping multiple checking account however there’s a substantial quantity of complexity goes with setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge however I think the sincere response is modification um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we’ve always 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 understand what might nearly be identified to be the next Century approximately there is a lot to monitor and this method does position several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Aeps Commission