Over the last five or 6 years …Papaya Global Saint Lucia… functions on the company side and also on the supplier side from a payroll perspective 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 just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type 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 raining here it’s very really gloomy and I wish 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 looking at the obstacle years of handling International payroll why business maintain separate
checking account 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 property uh we’ll likewise go over a wrap-up which must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and managing them becomes increasingly more complicated Worldwide organizations are looking to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have several accounts in different countries does it make sense for business to keep different savings account often in different countries it does but 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 helping international companies streamline the episode complex processes of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly policies compliance information security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s frequently a frustrating number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really really 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 which just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if but some children 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 recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the settlement landscape is becoming progressively complex. Organizations are continually introducing brand-new benefits and payment alternatives, which adds to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly sophisticated era, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s biggest cost, should be processed correctly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have far-reaching repercussions. For that reason, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent first step um offering an end-to-end payroll solution for your workers worldwide again I think is another huge um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway 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 involved in those processes and likewise so imagine sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and type of shot to return to everybody so proceeding look why do companies choose to primary separate savings account there are Papaya Global Saint Lucia companies out there doing exactly this for specific nations and I’ve worked in an organization or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas 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 individuals have got so used to we require a brand-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 believe 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 people have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs altering however eventually individuals are really stuck to what they’re familiar
with ideal um modification is a tough thing we all don’t like modification 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 obviously the benefits of having maintaining numerous checking account however there’s a substantial amount of complexity chooses setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is big but I believe the truthful response is modification um individuals have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to monitor and this approach does pose 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 did you changed our Enterprise 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 Global employees you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Saint Lucia