Over the last five or six years …Papaya Global Assistant My Papaya Globalaccounts… functions on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely bleak and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that must 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 handling them ends up being a growing number of intricate International companies are aiming to discover Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint numerous companies keep different checking account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different savings account sometimes in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies improve the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to optimize working capital, and discover how improving global payroll payments can change them from a burdensome job into a strategic possession.
Handling payroll internationally is a challenging job due to numerous regulations, compliance requirements, information security issues, and banking rules. The large number of staff members and businesses adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and an absence of integration, causing disparities and inefficiencies. In spite of residing in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to provide insights and options to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on international payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes 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 information is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely important 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 walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide 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 procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so again you’re just aiming to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or real difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly say that the bigger a service 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 groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know 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 prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from an expense point of view from an effect perspective on workers it is absolutely important that it’s done correctly 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 greatest harmful result on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been astonished entering this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only notice when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally as well. For that reason, it is important to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment option is a great preliminary step towards providing an extensive payroll solution for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and savings account needed for global payroll are key consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how essential 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 involved in those processes and likewise so envision sorry I’m simply 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 talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do business select to primary different savings account there are Papaya Global Assistant My Papaya Globalaccounts businesses out there doing precisely this for specific nations and I have actually worked in a service or many organizations doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and any person that’s dealing with 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 lots of reasons one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it requires changing however ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving several bank accounts but there’s a big amount of complexity goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is huge however I think the sincere response is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to track and this approach does pose several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Business 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 should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Assistant My Papaya Globalaccounts