Over the last 5 or six years …Papaya Global New York Office… roles on the service provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very gloomy and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain separate
savings account 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 possession uh we’ll also review a wrap-up and that ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them becomes more and more complex International organizations are seeking to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment viewpoint numerous organizations keep different bank account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep separate savings account in some cases in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business enhance the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a difficult job into a strategic asset.
Managing payroll worldwide is a daunting task due to various policies, compliance requirements, data security issues, and banking rules. The large number of employees and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and a lack of integration, resulting in disparities and ineffectiveness. Despite residing in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to supply insights and services to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on global payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the needed several 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 business face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be included best 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 amount of time 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of move on with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely vital that payroll and financing groups work closer 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 does not work in the payroll profession 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 typically 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 also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to add to kind of the level of complexity there’s more and more advantages being organ or being used by organizations across the world so once again you’re simply wanting to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or real tough kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger a business 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 groups feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from an expense perspective from an effect viewpoint on employees it is absolutely 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 need to be done right it has the biggest detrimental impact on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been impressed coming into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a fantastic primary step um offering an end-to-end payroll option for your employees worldwide again I believe is another huge um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of services and lowering the variety of tools platforms and savings account they require 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how important a role 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to get back to everyone so moving on look why do companies choose to primary different checking account there are Papaya Global New York Office businesses out there doing exactly this for particular nations and I have actually worked in a service or numerous organizations doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and anyone 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 numerous reasons one is it’s the standard I think people have got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing but eventually individuals are very stuck to what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I think 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 comprehend certainly the benefits of having keeping numerous savings account however there’s a big amount of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is huge but I believe the honest answer is change um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve always 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 could practically be identified to be the next Century approximately there is a lot to keep an eye on and this technique does position several challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise 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 gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global New York Office