Over the last five or six years …Papaya Global 2018 19… roles on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just 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 sort of let them do that so it ‘d be quite fascinating and I can see it going on currently 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 certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise go over a recap and that must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them ends up being a growing number of complex International organizations are wanting to find Solutions and brand-new methods to streamline procedures particularly from a payroll and cross-border payment perspective numerous organizations keep different checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to keep different bank accounts in some cases in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can change them from a difficult job into a tactical asset.
Handling payroll worldwide is a complicated task due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and businesses contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite living in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and services to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the incorrect location the typical cost of a worldwide 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 required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be included best 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 country 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 consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to sort of progress with that it also also to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by companies across the world so again you’re just looking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or real tough sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly state that the bigger a service 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 groups feeding info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age 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 needs to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an effect viewpoint on staff members it is absolutely 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 need to be done right it has the biggest harmful effect on people’s well-being and numerous other elements if people aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. Therefore, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first Global Payments very first payroll payment option is a great preliminary action towards supplying a thorough payroll service for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and bank accounts required for global payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how important a role 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 everyone that’s associated with those processes and also so picture sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing 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 held true um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to get back to everybody so proceeding appearance why do business select to main different checking account there are Papaya Global 2018 19 businesses out there doing precisely this for particular countries and I have actually worked in a company or numerous services doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted 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 type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing but ultimately people are very stuck to what they’re familiar
with right um change is a challenging thing all of us do not like change um so I think it’s just kind 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 understand obviously the advantages of having keeping multiple savings account but there’s a substantial quantity of complexity chooses establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial however I believe the sincere answer is change um people haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose several challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 2018 19