Over the last five or six years …Does Your Employer Need To Set Up Papaya Global… functions on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide 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 rather fascinating 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 everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a recap which needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them becomes more and more complex International organizations are wanting to discover Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment viewpoint many companies preserve separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep different bank accounts in some cases in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a challenging job into a strategic possession.
Handling payroll worldwide is a daunting job due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and businesses contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual processes, data silos, and a lack of integration, leading to inconsistencies and ineffectiveness. Despite residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on international payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international companies have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately communicated 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 place 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 cash around the world payroll and payments do not run efficiently if they depend on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included ideal 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 amount of time 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 client’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they are like very payments no if but some babies 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 innovation is allowing us to sort of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being offered by services throughout the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or real tough kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost viewpoint from an effect perspective on workers it is absolutely vital that it’s done properly and on time so what we indicate 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 damaging result on people’s well-being and numerous other factors if individuals aren’t paid uh I have actually constantly been surprised entering this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only see when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first International Payments first payroll payment solution is a fantastic initial step towards offering a thorough payroll option for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and bank accounts required for global payroll are key factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as planned. Eventually, we don’t do it for the gratitude.
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 associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean 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 attempt to check out them and in fact see what was going on and kind of shot to get back to everyone so carrying on look why do business pick to main separate checking account there are Does Your Employer Need To Set Up Papaya Global services out there doing exactly this for particular countries and I’ve worked in an organization or numerous services doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think individuals have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have 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 think this is a process that requires taking a look at it needs changing however eventually individuals are really stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving several checking account but there’s a substantial quantity of complexity opts for establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is big however I believe the truthful answer is modification um people haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be identified 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 might you tell us about those obstacles yeah of course so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Does Your Employer Need To Set Up Papaya Global