Over the last five or six years …Papaya Global Weekly Payroll… functions on the company side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll likewise review a recap which must leave his time at the really extremely 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 International labor forces become a growing number of common and managing them ends up being a growing number of intricate Worldwide organizations are wanting to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment perspective numerous organizations preserve separate savings account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain different bank accounts often in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and discover how improving global payroll payments can change them from a troublesome task into a tactical possession.
Handling payroll internationally is a challenging task due to different regulations, compliance requirements, data security issues, and banking rules. The sheer variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and a lack of integration, resulting in disparities and inefficiencies. In spite of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and options to streamline 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 organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on international payroll the less of an image they see a lack of presence likewise extends to 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 services have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to workers or otherwise that’s a good question I always toss this back and say what is it what does not require to be included best 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 amount of time there’s payment abilities so can you pay it from International or do you need 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 ideal ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they are like incredibly 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 think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work closer together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 often 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by businesses across the world so once again you’re just wanting to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense point of view from an effect viewpoint on workers it is definitely important that it’s done correctly and on time so what we indicate 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 harmful result on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market type 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 told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply 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 things is definitely important that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is a great primary step um providing an end-to-end payroll option for your workers worldwide again I believe is another big um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and savings account they require 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate 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 quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how essential 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 associated with those procedures and likewise so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and sort of shot to get back to everybody so proceeding look why do companies pick to primary separate savings account there are Papaya Global Weekly Payroll services out there doing exactly this for particular countries and I have actually operated in a service or many companies doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for any person 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 think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it needs altering but eventually individuals are very stuck with what they recognize
with ideal um modification is a tough thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining several checking account but there’s a huge quantity of complexity opts for setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is huge however I think the truthful answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century approximately there is a lot to monitor and this method does posture several obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise 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 boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Weekly Payroll