Over the last five or six years …Papaya Global Svb… roles on the provider side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply 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 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 very extremely uninspiring and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap which ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and managing them becomes more and more intricate International companies are seeking to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have several accounts in different countries does it make good sense for business to keep different savings account often in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can change them from a burdensome job into a strategic possession.
Handling payroll internationally is a complicated job due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and services adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and an absence of combination, leading to disparities and inefficiencies. Regardless of living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on global payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international organizations have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the wrong place the typical expense of an international 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 needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s complexity wherever you look right ultimately constructing 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 sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being used by services throughout the world so once again you’re just aiming to add increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things but you understand 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 need to produce additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact viewpoint on employees it is definitely vital 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 greatest detrimental effect on individuals’s well-being and many other elements if people aren’t paid uh I’ve always been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other vital matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a terrific initial step towards offering a thorough payroll option for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and bank accounts needed for international payroll are crucial consider attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we understand 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 simple as possible for everyone that’s associated with those processes and also so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting 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 attempt to check out them and actually see what was going on and sort of try to get back to everyone so carrying on look why do companies pick to main separate bank accounts there are Papaya Global Svb organizations out there doing exactly this for specific countries and I’ve worked in an organization or many organizations doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new savings 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 standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs changing however eventually individuals are really stuck with what they recognize
with ideal um modification is a difficult thing all of us don’t like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving multiple bank accounts however there’s a substantial amount of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is substantial however I believe the truthful response is change um people have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this method does posture a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a modification 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 acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing 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 Svb