Over the last five or six years …Papaya Global Payroll Workers Comp… roles on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days 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 everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 extremely really uninspiring and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise go over a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them ends up being increasingly more complex Global organizations are wanting to discover Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment perspective numerous organizations keep different savings account just for payroll while some have several accounts in various countries does it make sense for companies to keep separate bank accounts sometimes in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can change them from a troublesome task into a strategic possession.
Handling payroll internationally is a difficult job due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer number of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and a lack of integration, causing inconsistencies and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to supply insights and services to simplify and enhance global payroll payments.
about it to give you a concept 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 provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global companies have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what does not require to be consisted of right and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if but 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to kind of the level of complexity there’s a growing number of benefits being organ or being provided by businesses throughout the world so again you’re just looking to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely say that the bigger an organization 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 info 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 doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from an expense point of view from an impact point of view on staff members it is definitely important that it’s done properly 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 greatest destructive result on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 things is definitely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a great primary step um providing an end-to-end payroll option for your staff members worldwide once again I think is another substantial um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of services and decreasing the number of tools platforms and checking account they need for their Global payroll too couldn’t 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 likewise so imagine sorry I’m simply I was just gon na say picture 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 speaking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true 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 return to everybody so moving on appearance why do business select to main different bank accounts there are Papaya Global Payroll Workers Comp businesses out there doing precisely this for particular nations and I’ve worked in an organization or lots of services doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anybody 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 believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing but ultimately individuals are really stuck with what they’re familiar
with best um change is a challenging thing all of us don’t like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining numerous bank accounts however there’s a huge amount of complexity goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is huge however I think the sincere response is modification um people haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be determined to be the next Century approximately there is a lot to track and this technique does position several difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Payroll Workers Comp