Over the last 5 or six years …Papaya Global Payroll Bbb… roles on the company side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone 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 is 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 extremely really gloomy 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 looking at the challenge years of managing International payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also discuss a wrap-up and that must leave his time at the extremely very 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 Global labor forces become a growing number of typical and handling them becomes a growing number of complex International organizations are seeking to find Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint numerous organizations keep different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different savings account sometimes in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome task into a strategic asset.
Managing payroll internationally is a complicated job due to various guidelines, compliance requirements, data security concerns, and banking rules. The large number of staff members and services adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and a lack of combination, leading to disparities and ineffectiveness. Despite living in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of international companies have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 intricacy wherever you look right ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 basic and innovation is allowing us to kind of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry 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 individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being offered by services throughout the world so once again you’re just looking to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the larger a service 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 groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t 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 organization has from an expense perspective from an effect point of view on staff members it is definitely crucial 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 need to be done right it has the greatest harmful result on people’s well-being and many other elements if people aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been told 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 employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the first Global Payments first payroll payment solution is an excellent first step um supplying an end-to-end payroll service for your staff members worldwide once again I think is another big um procedure once again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and checking account 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’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how essential a role 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 everyone that’s associated with those processes and also so envision sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of shot to return to everybody so moving on look why do business select to primary different checking account there are Papaya Global Payroll Bbb businesses out there doing precisely this for particular countries and I’ve worked in a service or numerous companies doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and anyone that’s handling that process 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 believe numerous reasons one is it’s the standard I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing however ultimately people are very stuck to what they recognize
with best um change is a tough thing we all do not like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving several savings account but there’s a big amount of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is substantial but I think the truthful answer is modification um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this technique does position a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you switched 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 are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Bbb