Over the last five or six years …Papaya Global Add On… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just 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 sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really dreary and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a wrap-up and that needs to leave his time at the very 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 International labor forces end up being increasingly more common and managing them ends up being more and more complex Global organizations are seeking to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint numerous companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate savings account often in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can change them from a challenging job into a tactical possession.
Handling payroll internationally is a daunting task due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer number of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of living in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to supply insights and services to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of global businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count on the necessary 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 challenges company face when they’re paying to employees or otherwise that’s a great concern I always toss this back and state what is it what does not need 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 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and technology is enabling us to type of progress with that it likewise too to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to contribute to sort of the level of intricacy there’s more and more benefits being organ or being offered by companies across the world so again you’re just wanting to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely state that the larger 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 details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense viewpoint from an impact perspective on employees it is absolutely crucial 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 need to be done right it has the most significant damaging effect on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been impressed entering this Market type of the last 5 to 10 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 staff members or not. Payroll is an important cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other important matters are done properly. Using the first Global Payments first payroll payment service is an excellent preliminary action towards supplying a comprehensive payroll solution for workers worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and bank accounts essential for international payroll are crucial factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we understand how how essential a function 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh absolutely 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 try to browse them and in fact see what was going on and type of shot to get back to everybody so moving on appearance why do business pick to primary different savings account there are Papaya Global Add On companies out there doing exactly this for specific countries and I have actually worked in a service or lots of services doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need 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 amount that we are I believe many reasons one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing but eventually individuals are really stuck with what they recognize
with right um change is a challenging thing we all don’t like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining multiple savings account but there’s a substantial amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is big however I think the sincere response is change um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but 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 carrying on and moving into you know what might practically be identified to be the next Century or two there is a lot to monitor and this approach does position a number of challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Add On