Over the last 5 or 6 years …Square Vs Papaya Global… roles on the supplier side and also on the vendor side from a payroll viewpoint 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 provide everybody another couple of uh well among 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 intriguing 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 everybody comes from and I actually 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 uninspiring and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise go over a recap and that ought to leave his time at the very 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 International labor forces become more and more common and managing them becomes more and more complicated International companies are aiming to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint many companies keep separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain different savings account sometimes in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies streamline the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can change them from a difficult job into a strategic possession.
Managing payroll worldwide is a complicated job due to various regulations, compliance requirements, data security issues, and banking rules. The sheer number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite living in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and options to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on international payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global 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 mistakes are due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the necessary 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 service face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 any place you look best ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 innovation is allowing us to type of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly amazed 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 work in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of complexity there’s more and more advantages being organ or being provided by companies throughout the world so once again you’re just aiming to add more and more payments to this currently complicated 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 genuine challenges or real challenging kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an impact perspective on staff members it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging result on people’s well-being and many other factors if people aren’t paid uh I’ve constantly been astonished coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll service for your workers internationally once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and decreasing the variety of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 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 know how how crucial 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 think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision 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 a fascinating job 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 need days of the week to try to look through them and in fact see what was going on and kind of try to return to everyone so moving on look why do companies pick to main separate savings account there are Square Vs Papaya Global businesses out there doing exactly this for specific nations and I have actually worked in an organization or numerous services doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing however eventually people are really stuck with what they’re familiar
with best um change is a hard thing we all do not like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving multiple bank accounts however there’s a substantial amount of complexity chooses setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is substantial but I believe the truthful answer is change um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to monitor and this technique does pose several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Square Vs Papaya Global