Over the last five or 6 years …Papaya Global Employee Expenses… roles on the service provider side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of 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 quite interesting 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 everybody comes from and I actually do hope it’s much sunnier than it is 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 very extremely uninspiring 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 taking a look at the difficulty years of managing International payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise review a recap and that must leave his time at the very really 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 labor forces become more and more typical and managing them becomes a growing number of intricate Global companies are looking to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment standpoint lots of organizations maintain separate checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain separate savings account in some cases in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to enhance working capital, and discover how enhancing international payroll payments can change them from a troublesome job into a strategic possession.
Handling payroll globally is an overwhelming task due to different policies, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and a lack of combination, resulting in disparities and ineffectiveness. Despite living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and solutions to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included best 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 country 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so once again you’re simply seeking to include a growing number of 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 difficulties or genuine challenging 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 certainly state 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 task there are groups feeding info 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 does not always require to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we run 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 era of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense point of view from an effect point of view on workers it is definitely vital 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 need to be done right it has the most significant damaging impact on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually always been astonished entering into this Market type of the last 5 to ten 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 actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just see when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other vital matters are done properly. Using the very first Global Payments very first payroll payment service is an excellent initial step towards supplying an extensive payroll service for employees worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and bank accounts required for global payroll are essential factors in accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand how how important a function 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 easy as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to return to everyone so carrying on look why do business select to main different bank accounts there are Papaya Global Employee Expenses organizations out there doing precisely this for particular countries and I have actually operated in a service or many businesses doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anyone 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 think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think people have got so utilized to we need a brand-new savings 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 believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they’re familiar
with right um change is a challenging thing all of us don’t like modification um so I think 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 comprehend certainly the benefits of having preserving several checking account but there’s a substantial quantity of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big however I think the honest answer is change um people have not had the ability to change or have not had always the understanding to actually 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 knowledge you understand and there is an aspect of resistance to change however we have actually constantly 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 practically be identified to be the next Century approximately there is a lot to track and this method does posture numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Employee Expenses