Over the last five or 6 years …Processing Week 53 In Papaya Global… roles on the supplier side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 very dreary and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also go over a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and handling them becomes increasingly more intricate International companies are aiming to find Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment perspective lots of companies keep different savings account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve separate bank accounts in some cases in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business streamline the episode complex processes of
Making sure accurate, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a challenging job into a strategic possession.
Managing payroll worldwide is a complicated task due to various regulations, compliance requirements, information security issues, and banking guidelines. The large number of employees and organizations adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual processes, information silos, and an absence of integration, leading to disparities and inadequacies. In spite of residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and options to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the essential numerous 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 challenges service face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s varying Bank information 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to type of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or genuine challenging kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period 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 agreed and rightly as you stated payroll is the single biggest liability that any business has from a cost perspective from an impact point of view on workers it is definitely critical that it’s done properly 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 biggest damaging result on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your staff members globally again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and lowering the variety of tools platforms and savings account they need 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 had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and sort of shot to return to everyone so proceeding appearance why do companies choose to main separate checking account there are Processing Week 53 In Papaya Global organizations out there doing exactly this for specific countries and I’ve operated in an organization or many organizations doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s dealing with 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 quantity that we are I think numerous factors one is it’s the requirement I think people have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing however ultimately individuals are really stuck to what they’re familiar
with right um modification is a challenging thing all of us don’t like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous checking account however there’s a substantial quantity of intricacy chooses establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is substantial but I believe the sincere answer is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not taking a look 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 track and this technique does pose a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply 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 employees you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Processing Week 53 In Papaya Global