Over the last 5 or six years …Is Papaya Global Payroll Any Good… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was elsewhere at this moment in time fine so let’s begin 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 maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also discuss a recap and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and managing them becomes increasingly more intricate Worldwide organizations are wanting to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment perspective lots of organizations keep different savings account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain different bank accounts in some cases in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of
Making sure precise, efficient, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and discover how improving international payroll payments can change them from a difficult task into a tactical asset.
Managing payroll worldwide is a challenging job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large variety of employees and businesses contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of integration, resulting in disparities and inadequacies. Despite living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have actually expressed 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 because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what does not require to be included right and what does
it need to be considered there’s differing Bank information 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to type of move on with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m constantly surprised 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 profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to contribute to sort of the level of complexity there’s more and more benefits being organ or being used by services across the world so once again you’re simply seeking to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely state that the bigger an organization 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 groups feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce extra handoffs at the same times 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 understand that we are working in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect viewpoint on workers it is definitely critical 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 destructive impact on individuals’s well-being and many other elements if people aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has been told 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 employees or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just 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 things is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is an excellent first step um supplying an end-to-end payroll service for your employees worldwide again I believe is another big um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in terms of 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 five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state envision the quantity 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 numerous thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of shot to return to everyone so proceeding appearance why do companies select to primary separate bank accounts there are Is Papaya Global Payroll Any Good organizations out there doing precisely this for particular nations and I have actually operated in an organization or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and any person that’s dealing with that procedure 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 think many reasons one is it’s the standard I think people have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs changing however eventually individuals are extremely stuck to what they’re familiar
with right um modification is a difficult thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving numerous savings account but there’s a substantial quantity of complexity opts for setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is substantial however I believe the truthful answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously 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 employees you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Is Papaya Global Payroll Any Good