Over the last 5 or six years …Papaya Global Solutions Glassdoor… functions on the company side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely 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 obstacle years of managing International payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also review a wrap-up which must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and managing them becomes a growing number of complicated International companies are wanting to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment standpoint lots of organizations keep separate bank account just for payroll while some have several accounts in various nations does it make good sense for business to preserve separate savings account often in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most notably regulations compliance information security and banking rules then there are the large numbers they include more intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s often a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely standard there’s no real consistency framework we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in international payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international businesses have revealed 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 poor HCM information data entry mistakes inadequately 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 delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the essential several 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 obstacles service face when they’re making payments to workers or otherwise that’s a great question I always toss this back and state what is it what does not require to be included best and what does
it need 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 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 consumer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 technology is allowing us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is becoming increasingly elaborate. Businesses are continually introducing new advantages and payment options, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly advanced era, there’s no justification for maintaining troublesome procedures. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even slight delays can negatively impact employees’ well-being and have significant consequences. Therefore, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anyone on this kind of webinar has actually 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 employees or not um however eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails 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 also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is an excellent initial step um providing an end-to-end payroll option for your staff members globally again I believe is another huge um process once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and reducing the number of tools platforms and checking account they require for their International 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 ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of try to get back to everyone so proceeding appearance why do companies select to main separate bank accounts there are Papaya Global Solutions Glassdoor services out there doing exactly this for particular nations and I have actually worked in a business or lots of services doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and any person 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 believe lots of reasons one is it’s the requirement I think people have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately people are very stuck to what they’re familiar
with right um modification is a tough thing all of us do not like modification um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping multiple checking account however there’s a big amount of intricacy chooses establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is substantial but I think the honest answer is modification um people haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to monitor and this approach does present several obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Business 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 acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Solutions Glassdoor