Over the last 5 or six years …Papaya Global New Company Greyed Out… roles on the supplier side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly 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 drizzling here it’s extremely extremely dreary and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also go over a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and handling them ends up being a growing number of complicated Worldwide organizations are aiming to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective lots of organizations preserve separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve separate savings account in some cases in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business streamline the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how improving worldwide payroll payments can transform them from a troublesome task into a strategic property.
Managing payroll worldwide is a complicated task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of employees and companies contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, leading to disparities and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and options to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in international payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around 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 viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included best and what does
it require to be thought about there’s varying Bank information 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 often 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to sort of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so again you’re just aiming to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an effect point of view on workers it is definitely critical that it’s done correctly and on time so what we indicate 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 damaging result on individuals’s wellness and numerous other factors if individuals 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
payroll team get um so I’m uncertain 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 workers or not um however eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is a great initial step um providing an end-to-end payroll service for your employees internationally again I believe is another big um process once again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and lowering the number of tools platforms and savings account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually 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 also so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to get back to everybody so proceeding look why do business choose to main different bank accounts there are Papaya Global New Company Greyed Out organizations out there doing exactly this for specific nations and I have actually worked in a company or numerous services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and anybody that’s managing 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 amount that we are I believe many reasons one is it’s the requirement 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 number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering but eventually individuals are extremely stuck to what they recognize
with right um modification is a hard thing we all do not like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining several savings account however there’s a big amount of complexity opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is huge however I think the truthful answer is modification um people haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank 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 however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep an eye on and this approach does posture numerous difficulties um so Johnny might you tell us about those challenges yeah obviously 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 gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global New Company Greyed Out