Over the last five or six years …Papaya Global Embedded Payroll… roles on the service provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join all of us 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 already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really 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 raining here it’s really really bleak and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a recap which ought 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 Worldwide workforces end up being more and more typical and managing them ends up being increasingly more complicated International companies are seeking to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate savings account in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex procedures of
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a troublesome task into a tactical asset.
Managing payroll worldwide is a challenging task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and an absence of integration, leading to disparities and inefficiencies. Despite residing in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international companies have actually expressed 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 because of time reporting bad HCM data data entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the needed several processes 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 organization face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 technology is enabling us to sort of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work closer together than ever um I’m always impressed when individuals 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 occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so again you’re simply seeking to add increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely say that the larger a business 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 details into the next function as it were that’s actually managing the payment side of things however you understand 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 produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense perspective from an effect viewpoint on employees it is definitely important that it’s done correctly 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 damaging result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve constantly been surprised entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has actually been told 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 staff members or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll solution for your staff members worldwide once again I think is another big um process once again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of organizations and reducing the number of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of 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 problems where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we know how how important 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 everyone that’s involved in those processes and also so envision sorry I’m just I was simply gon na state think of the quantity 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 numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job 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 need days of the week to try to browse them and actually see what was going on and sort of try to get back to everyone so moving on look why do business select to main separate bank accounts there are Papaya Global Embedded Payroll services out there doing precisely this for specific nations and I have actually worked in an organization or numerous businesses doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s handling 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 many factors one is it’s the standard I think people have actually got so used to we need a brand-new checking 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 just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it requires changing however ultimately people are very stuck to what they recognize
with right um modification is a challenging thing we all do not like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving numerous checking account however there’s a big quantity of complexity opts for establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is huge however I believe the honest response is change um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this method does position several 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 modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Embedded Payroll