Over the last five or 6 years …Does Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two 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 currently just to hear where everybody is um it’s nice to to kind of like see where everybody 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 gloomy and I wish 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 obstacle years of handling International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll likewise review a wrap-up and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them ends up being increasingly more complicated Global organizations are seeking to find Solutions and new methods to streamline procedures especially from a payroll and cross-border payment perspective lots of companies keep separate bank account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep different savings account often in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a difficult job into a strategic property.
Managing payroll worldwide is a challenging job due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large variety of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and a lack of combination, causing inconsistencies and inefficiencies. Despite living 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 aims to offer insights and options to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the necessary 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 challenges service face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not need to be consisted of best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 often 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 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 intricacy there’s more and more benefits being organ or being used by organizations throughout the world so again you’re simply looking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost viewpoint from an effect viewpoint on workers it is absolutely crucial that it’s done properly and on time so what we mean 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 impact on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually always been surprised coming into this Market kind of the last five to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just notice when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first International Payments very first payroll payment option is a terrific initial step towards supplying a thorough payroll option for workers worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and checking account essential for international payroll are key consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we know 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 imagine sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing 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 need days of the week to try to look through them and actually see what was going on and type of try to return to everyone so carrying on look why do companies select to primary different bank accounts there are Does Papaya Global services out there doing exactly this for specific countries and I have actually operated in a company or lots of services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s managing that process 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 believe many factors one is it’s the standard I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires altering however eventually people are really stuck to what they recognize
with right um modification is a difficult 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 things um I understand certainly the advantages of having maintaining numerous bank accounts but there’s a big quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I believe the honest response is change um individuals have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or two there is a lot to keep track of and this method does posture a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Does Papaya Global