Over the last 5 or six years …Papaya Global Webinars… roles on the provider side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 really gloomy and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a wrap-up and that ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them ends up being more and more complicated Worldwide companies are looking to discover Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment perspective numerous companies keep separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain separate checking account sometimes in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies improve the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to enhance working capital, and find how simplifying international payroll payments can transform them from a challenging job into a tactical possession.
Handling payroll internationally is a difficult task due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and services adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, data silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely on the essential numerous 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 challenges service face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included best and what does
it require 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 amount of time there’s payment capabilities so can you pay it from International or do you have 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 best eventually building a knowledge base is absolutely important however all over 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 sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of move on with that it also too to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely important that payroll and financing groups work closer together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so again you’re just aiming to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or real challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years 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 groups doing one part of the task there are teams feeding info 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 doesn’t always require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost point of view from an impact viewpoint on employees it is absolutely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental effect on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately 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 simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic initial step um supplying an end-to-end payroll option for your employees worldwide once again I think is another big um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and bank accounts they require for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle do not expect 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 quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand 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 involved in those processes and also so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of shot to get back to everyone so proceeding look why do business select to main different savings account there are Papaya Global Webinars businesses out there doing precisely this for particular nations and I’ve worked in an organization or lots of services doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we don’t have 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 requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a process that needs looking at it requires changing but ultimately individuals are really stuck with what they recognize
with ideal um modification is a tough thing all of us do not like modification 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 stuff um I comprehend obviously the benefits of having keeping multiple savings account however there’s a substantial amount of complexity opts for establishing a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is big but I believe the sincere response is change um people haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to track and this method does present numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Webinars