Over the last 5 or six years …Papaya Global Phone Support… functions on the supplier side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll likewise go over a recap which ought to leave his time at the really 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 Global workforces end up being a growing number of typical and handling them ends up being more and more complicated Global organizations are looking to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment perspective numerous companies preserve different savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate checking account sometimes 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 international business enhance the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to enhance working capital, and discover how improving international payroll payments can change them from a difficult task into a tactical property.
Handling payroll globally is a difficult task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large number of staff members and services adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and an absence of integration, leading to disparities and ineffectiveness. Regardless of living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and services to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international services have revealed 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 bad HCM information data entry errors improperly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be consisted of best 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 time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely crucial however all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of move forward with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance teams work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to add to type of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re just aiming to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense perspective from an impact perspective on employees it is absolutely important 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 have to be done right it has the biggest detrimental effect on people’s well-being and lots of other factors if people aren’t paid uh I’ve always been amazed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is an excellent initial step um offering an end-to-end payroll solution for your employees globally again I think is another substantial um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t picture 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 in fact see what was going on and type of try to return to everyone so proceeding appearance why do companies choose to main different bank accounts there are Papaya Global Phone Support businesses out there doing precisely this for particular countries and I’ve worked in a company or many companies doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and any person that’s managing 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 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 functions but 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 adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing however ultimately people are very stuck to what they’re familiar
with best um modification is a difficult thing all of us do not like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining numerous bank accounts but there’s a substantial amount of complexity goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge however I think the sincere response is change um people haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep track of and this approach does present numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Phone Support