Over the last 5 or six years …Papaya Global Period End Procedure… functions on the supplier 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 everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings 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 likewise go over a recap and that 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 workforces end up being more and more common and handling them becomes increasingly more intricate Worldwide companies are wanting to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment perspective lots of companies preserve separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to keep separate checking account sometimes in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business streamline the episode complex procedures of
Making sure precise, efficient, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a troublesome task into a strategic property.
Handling payroll globally is a daunting job due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and services contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. In spite of living in an era of technological improvements, payroll management has 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 global payroll payments.
about it to give you a concept 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 offers me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide organizations 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 data information entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the essential numerous procedures 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 difficulties organization face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included best and what does
it need 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 time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re just wanting to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details 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 always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age 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 needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an effect perspective on staff members it is definitely critical that it’s done correctly and on time so what we indicate 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 harmful effect on people’s wellness and many other factors if individuals aren’t paid uh I have actually always been amazed entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a terrific primary step um supplying an end-to-end payroll service for your staff members globally again I believe is another substantial um process once again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their Worldwide 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 don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand 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 simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however 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 was the case um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to get back to everyone so proceeding look why do companies choose to primary separate bank accounts there are Papaya Global Period End Procedure services out there doing exactly this for particular nations and I’ve worked in a company or many services doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anyone that’s managing 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 amount that we are I think lots of factors one is it’s the standard I believe people have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires altering however eventually people are very stuck to what they’re familiar
with right um change is a challenging thing we all don’t like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple bank accounts but there’s a substantial amount of complexity opts for establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is substantial but I believe the truthful response is modification um individuals have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter 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 nearly be figured out to be the next Century approximately there is a lot to track and this approach does position numerous difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a change to our Enterprise 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 gotten another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Period End Procedure