Over the last five or six years …Papaya Global Year End Update 2022… roles on the provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them becomes increasingly more complex Worldwide organizations are seeking to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint many organizations preserve separate bank account just for payroll while some have several accounts in various countries does it make sense for business to maintain different savings account often in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can change them from a troublesome job into a strategic possession.
Managing payroll worldwide is a complicated task due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of workers and services adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and a lack of integration, causing inconsistencies and inadequacies. Despite residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and services to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global businesses have actually revealed that they don’t 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 bad HCM information data entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely essential and innovation is enabling us to kind of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to type of the level of complexity there’s more and more advantages being organ or being offered by companies across the world so again you’re just wanting to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly state that the larger 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age 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 said payroll is the single biggest liability that any company has from a cost viewpoint from an impact perspective on employees it is definitely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on people’s well-being and lots of other elements if people aren’t paid uh I’ve always been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has been informed 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 an essential cycle we all hear about it when it fails everyone 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 vital that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll option for your employees worldwide again I think is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of businesses and lowering the variety of tools platforms and bank accounts 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’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to get back to everybody so moving on look why do business pick to primary separate checking account there are Papaya Global Year End Update 2022 businesses out there doing precisely this for particular nations and I have actually operated in a service or many organizations doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and any person that’s handling 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 believe many factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering but ultimately individuals are extremely stuck to what they’re familiar
with best um change is a tough thing we all don’t like change um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having keeping multiple bank accounts however there’s a big amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is huge but I think the honest answer is modification um people haven’t had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to track and this method does position a number of difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Year End Update 2022