Over the last 5 or 6 years …Papaya Global 0X80070008… functions on the company side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely bleak and I want I was somewhere else at this moment in time fine so let’s get started 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 different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a recap which ought to leave his time at the extremely 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 International labor forces become increasingly more common and handling them ends up being more and more complex Worldwide organizations are seeking to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint many organizations maintain different bank account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve separate checking account in some cases in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a burdensome job into a strategic property.
Handling payroll internationally is an overwhelming task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of workers and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inadequacies. In spite of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and services to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of international companies have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the required several procedures systems and partners it is simply 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 staff members or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t require to be consisted of best and what does
it need to be thought about 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 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 consumer’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re just looking to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or genuine tough type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need 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 just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an effect perspective on workers it is absolutely important 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 biggest harmful effect on people’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view 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 things is done properly so leveraging the first Worldwide Payments very first payroll payment service is a terrific primary step um offering an end-to-end payroll option for your workers globally once again I believe is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of services and lowering the number of tools platforms and checking account they require for their International 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 had a hundred thousand of them within a payroll cycle do not 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 suggested to be um I don’t believe any of us are actually doing that for for the thanks
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 processes and likewise so think of sorry I’m simply I was just gon na say picture 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 numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t picture 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 everyone so proceeding look why do business choose to main different bank accounts there are Papaya Global 0X80070008 services out there doing precisely this for specific nations and I have actually operated in a company or numerous businesses doing precisely that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires changing however ultimately people are really stuck with what they recognize
with best um change is a challenging thing we all do not like modification um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple bank accounts but there’s a huge amount of intricacy chooses establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is huge however I believe the honest answer is change um people have not had the ability to alter or have not had necessarily the understanding to really 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 understanding you know and there is a component of resistance to change but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to monitor and this method does present a number of challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global 0X80070008