Over the last five or six years …Review Papaya Global Payroll… functions on the company side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain separate
bank accounts 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 also review a wrap-up which needs 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and handling them ends up being increasingly more complex Global organizations are aiming to discover Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment perspective lots of organizations maintain separate checking account just for payroll while some have several accounts in different nations does it make sense for business to maintain different savings account in some cases in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies streamline the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a challenging task into a tactical possession.
Managing payroll internationally is a challenging job due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and services contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual processes, information silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and services to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective 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 a good concern I always 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 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 capabilities 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 client’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to kind of the level of complexity there’s more and more advantages being organ or being offered 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 type 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 obstacles or genuine tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would certainly state that the bigger a business 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t 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 that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost perspective from an effect 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 need to be done right it has the most significant damaging effect on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 stuff is definitely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a terrific first step um providing an end-to-end payroll service for your employees globally again I believe is another big um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of services and lowering the number of tools platforms and checking account 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’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how essential a function it is and that’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 envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of try to return to everyone so proceeding look why do business pick to primary separate checking account there are Review Papaya Global Payroll organizations out there doing exactly this for specific nations and I’ve worked in a service or numerous services doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and anyone that’s handling that procedure 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 think lots of reasons one is it’s the requirement I believe people have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have looked 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 requires taking a look at it needs altering however ultimately individuals are extremely stuck with what they recognize
with best um change is a tough thing all of us do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving multiple checking account but there’s a substantial quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is substantial however I think the sincere answer is change um individuals have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change 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 moving on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this method does position a number of difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you switched 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 closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Review Papaya Global Payroll