Over the last five or 6 years …Papaya Global For Apple… functions on the supplier side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 extremely extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also go over a wrap-up which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them ends up being more and more complicated International companies are aiming to find Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment perspective numerous companies keep separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate checking account in some cases in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can change them from a burdensome task into a tactical asset.
Handling payroll internationally is an overwhelming task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large number of staff members and services adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual procedures, information silos, and an absence of integration, resulting in disparities and inadequacies. 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 using pen and paper. This webinar goals to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in international payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included right and what does
it require to be thought about there’s differing 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move forward with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by businesses throughout the world so again you’re just looking to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost point of view from an impact perspective on workers it is definitely important that it’s done correctly and on time so what we mean 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 effect on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market type of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. Therefore, it is important to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Using the very first Worldwide Payments very first payroll payment solution is a fantastic initial step towards providing a comprehensive payroll service for staff members worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account needed for international payroll are crucial consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we know how how crucial 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everybody so moving on look why do business choose to primary different bank accounts there are Papaya Global For Apple companies out there doing precisely this for specific countries and I’ve worked in a company or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone 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 amount that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing however eventually people are really stuck to what they recognize
with ideal um change is a challenging thing we all do not like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving several savings account however there’s a big quantity of complexity chooses establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is substantial however I think the honest response is change um individuals have not had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does present numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global For Apple