Over the last five or 6 years …Papaya Global S Corp Payroll… roles on the provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 raining here it’s really extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also review a wrap-up and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and managing them ends up being more and more intricate Worldwide organizations are looking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint many companies preserve different savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep different checking account sometimes in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies enhance the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to enhance working capital, and find how simplifying international payroll payments can change them from a difficult job into a tactical property.
Managing payroll internationally is a difficult task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and organizations adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on international payroll the less of an image they see an absence of presence also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average 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 all over the world payroll and payments do not run smoothly if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be thought about 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 frequently split and cut up um ultimately 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by services across the world so once again you’re simply wanting to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay people I believe yeah I indicate 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 operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run 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 an era that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any business has from a cost viewpoint from an effect perspective on employees it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful effect on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually always been impressed entering this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll option for your staff members internationally again I think is another substantial um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and minimizing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how important 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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying 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 require days of the week to try to browse them and in fact see what was going on and sort of shot to return to everyone so moving on look why do business choose to primary different savings account there are Papaya Global S Corp Payroll businesses out there doing exactly this for particular countries and I’ve operated in an organization or numerous services doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anybody 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 quantity that we are I think numerous factors one is it’s the requirement I believe people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it needs altering but eventually individuals are very stuck to what they’re familiar
with ideal um modification is a challenging thing all of us do not like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping numerous bank accounts however there’s a big amount of intricacy goes with setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is huge but I think the sincere response is change um individuals haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this method does pose a number of challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global S Corp Payroll