Over the last 5 or 6 years …Papaya Global The Data You Have Choses… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really 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 dreary and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll likewise go over a recap and that ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them ends up being more and more intricate International organizations are wanting to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for business to keep separate checking account sometimes in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex processes of
Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging task into a strategic asset.
Handling payroll internationally is a difficult task due to various guidelines, compliance requirements, information security concerns, and banking rules. The large variety of workers and services contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. Regardless of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of international companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it need 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 time frames 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of progress with that it also as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m constantly impressed 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 occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so once again you’re simply looking to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or genuine difficult sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we operate in they simply 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 age that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost perspective from an impact point of view on workers it is absolutely vital that it’s done properly and on time so what we suggest 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 elements if people aren’t paid uh I’ve always been amazed entering into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first International Payments first payroll payment solution is a fantastic preliminary action towards supplying an extensive payroll service for workers worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and checking account essential for international payroll are essential factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know how how essential 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 everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying 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 require days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everyone so moving on look why do companies select to primary separate checking account there are Papaya Global The Data You Have Choses companies out there doing exactly this for particular countries and I have actually operated in a company or lots of companies doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and anyone that’s managing that procedure 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 think many factors one is it’s the standard I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing however eventually individuals are extremely stuck with what they’re familiar
with right um change is a tough thing we all do not like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining numerous savings account but there’s a huge quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific 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 actually make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or two there is a lot to monitor and this method does pose a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously 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 handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global The Data You Have Choses