Over the last 5 or 6 years …Introduction Beginner Basics Papaya Global 50… functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 extremely very gloomy and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also review a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and managing them becomes more and more complicated International organizations are aiming to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have numerous accounts in various countries does it make sense for business to keep separate savings account often in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business enhance the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can change them from a challenging job into a tactical possession.
Managing payroll worldwide is an overwhelming task due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and organizations adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual processes, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. In spite of living in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and options to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors inadequately communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 intricacy any place you look ideal eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m always impressed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being used by companies throughout the world so again you’re just wanting to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine challenging kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling 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 know long gone are the times where we require to develop extra handoffs while doing sos that we run 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 an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business 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 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 most significant destructive effect on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is an excellent initial step um offering an end-to-end payroll option for your employees internationally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and decreasing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really 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 everybody that’s associated with those procedures and also so picture 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 talking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everybody so moving on appearance why do business choose to primary different checking account there are Introduction Beginner Basics Papaya Global 50 businesses out there doing exactly this for specific countries and I’ve worked in a business or lots of businesses doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I believe individuals have actually got so used to we require a new bank account we open an entity and rightly so you require 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 requirement and the standard individuals have actually adopted 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 lots of other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing however eventually individuals are very stuck to what they’re familiar
with right um modification is a difficult thing we all do not like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving several savings account however there’s a huge quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is substantial but I believe the honest answer is modification um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or two there is a lot to track and this technique does posture numerous challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification 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 acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Introduction Beginner Basics Papaya Global 50