Over the last five or 6 years …Papaya Global Sales… functions on the service provider side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates 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 extremely extremely gloomy and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise go over a wrap-up which should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them becomes a growing number of complicated International companies are aiming to find Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment perspective numerous companies maintain separate checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve separate checking account often in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll internationally is an overwhelming job due to different regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have revealed that they don’t 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 data entry errors poorly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect location 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 cash around the world payroll and payments do not run smoothly if they count on the required several procedures 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 obstacles organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it require to be considered there’s varying 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 capabilities 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 any place you look ideal eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if but 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 recognition that payroll payments are absolutely fundamental and technology is enabling us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re just looking to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or real difficult type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are working 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 service has from an expense perspective from an effect viewpoint on employees it is absolutely critical that it’s done properly 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 harmful effect on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this kind of webinar has actually been told 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 but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong 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 absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another big um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and decreasing the variety of tools platforms and checking account they need for their Global 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 thousand of them within a payroll cycle don’t expect 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 rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up 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 in fact see what was going on and kind of try to return to everyone so moving on look why do business select to primary different checking account there are Papaya Global Sales businesses out there doing exactly this for particular nations and I’ve worked in a company or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank 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 believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it requires changing however ultimately individuals are really stuck with what they’re familiar
with right um change is a tough thing we all don’t like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping numerous savings account however there’s a huge amount of complexity chooses establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is substantial but I believe the truthful response is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to track and this approach does position a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Sales