Over the last five or six years …Papaya Global.Vom… roles on the company side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately 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 currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 very very dreary and I wish I was elsewhere at this moment in time all right so let’s get going 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 business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll likewise review a recap 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 Worldwide workforces become a growing number of typical and managing them ends up being more and more intricate Worldwide organizations are wanting to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint lots of organizations maintain different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain separate checking account in some cases in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for services running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and discover how improving worldwide payroll payments can change them from a troublesome job into a strategic property.
Managing payroll internationally is a daunting task due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and companies contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual procedures, information silos, and a lack of combination, causing inconsistencies and inefficiencies. Despite living in an era of technological developments, payroll management has actually been sluggish 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 options 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 just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the essential numerous processes 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 organization face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what does not require to be consisted of right 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 nation there’s payment timespan there’s payment abilities 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 right eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like very 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 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 technology is enabling us to kind of move forward with that it also too to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to add to sort of the level of complexity there’s more and more benefits being organ or being offered by services across the world so again you’re just aiming to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we operate 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 an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost point of view from an effect viewpoint on workers it is absolutely 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 detrimental result on people’s wellness and many other factors if people aren’t paid uh I have actually always been astonished entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has 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 individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally also. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other important matters are done properly. Using the first Worldwide Payments first payroll payment solution is a terrific initial step towards providing a comprehensive payroll option for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts necessary for international payroll are essential factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we understand how how crucial 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 everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of 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 look through them and actually see what was going on and type of shot to return to everybody so moving on look why do companies select to main different savings account there are Papaya Global.Vom organizations out there doing precisely this for particular countries and I have actually worked in a business or numerous services doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I believe people have got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing but ultimately people are extremely stuck with what they’re familiar
with right um change is a difficult thing we all do not like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having keeping multiple bank accounts but there’s a substantial quantity of intricacy goes with setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is substantial however I think the sincere answer is modification um people haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to monitor and this method does position numerous challenges um so Johnny could you tell 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 jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering global 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 accomplishments. Papaya Global.Vom