Over the last five or six years …Papaya Global Saint Kitts & Nevis… roles on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that ought to leave his time at the extremely really 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 workforces become increasingly more typical and managing them ends up being increasingly more complex Worldwide companies are looking to discover Solutions and new methods to improve procedures particularly from a payroll and cross-border payment standpoint many companies maintain different checking account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve different checking account in some cases in various countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies streamline the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add more complexity the international Workforce 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely really standard there’s no genuine consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on global payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the wrong place the typical expense of a global 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 smoothly if they rely on the necessary several 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 organization face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included ideal and what does
it require to be considered there’s differing 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 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is absolutely vital 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 kind 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 fundamental and innovation is permitting us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely important that payroll and financing groups work closer together than ever um I’m always impressed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being used by businesses across the world so again you’re just aiming to include more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not 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 why we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single greatest liability that any company has from a cost perspective from an impact perspective on staff members it is absolutely critical that it’s done correctly and on time so what we imply 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 harmful impact on people’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market sort of the last five to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important 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. For that reason, it is vital to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a terrific initial action towards supplying a thorough payroll service for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and savings account necessary for worldwide payroll are essential consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand how how crucial 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 procedures and also so picture sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of shot to get back to everybody so moving on look why do companies choose to main different checking account there are Papaya Global Saint Kitts & Nevis organizations out there doing precisely this for specific countries and I’ve worked in a service or many businesses doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not have 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 amount that we are I believe numerous reasons one is it’s the requirement I believe people have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing but ultimately people are very stuck with what they recognize
with best um change is a hard thing all of us 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 comprehend obviously the advantages of having preserving numerous checking account however there’s a huge amount of intricacy chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is substantial but I think the honest response is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep track of and this technique does present a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Saint Kitts & Nevis