Over the last 5 or 6 years …Papaya Global Inc Atlanta Job Application… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody 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 is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap and that ought to leave his time at the really extremely 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 more and more typical and managing them becomes increasingly more intricate Worldwide organizations are looking to find Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have several accounts in different nations does it make sense for companies to maintain separate bank accounts sometimes in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and find how streamlining global payroll payments can change them from a challenging task into a tactical asset.
Managing payroll globally is an overwhelming job due to various policies, compliance requirements, information security concerns, and banking guidelines. The large number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, data silos, and a lack of integration, causing inconsistencies and inadequacies. Regardless of living in an age of technological advancements, 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 supply insights and options to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have 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 due to time reporting bad HCM information information entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to sort of the level of complexity there’s increasingly more advantages being organ or being provided by businesses across the world so again you’re just looking to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly state that the bigger a company 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 in fact handling the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more timely they make them less efficient 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 operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from an expense point of view from an impact perspective on staff members it is definitely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been surprised entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has been informed 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 workers or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe 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 crucial that all of this things is done properly so leveraging the first International Payments first payroll payment solution is a great primary step um providing an end-to-end payroll solution for your employees worldwide once again I believe is another substantial um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how essential 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 everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially 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 but it would certainly be an interesting task attempting to clean 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 look through them and in fact see what was going on and kind of try to get back to everybody so moving on look why do business select to primary separate checking account there are Papaya Global Inc Atlanta Job Application services out there doing precisely this for particular countries and I’ve operated in a business or many businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and anybody 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 quantity that we are I think numerous factors one is it’s the requirement I think people have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however ultimately people are very stuck to what they recognize
with best um change is a difficult thing we all don’t like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving numerous checking account however there’s a huge quantity of complexity opts for setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is big but I think the honest answer is change um people haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe 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 always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep track of and this technique does pose a number of challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Inc Atlanta Job Application