Over the last five or six years …Papaya Global 100M Series Capital… functions on the service provider side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was somewhere else at this moment in time okay 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 handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them ends up being a growing number of complex Worldwide organizations are looking to find Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous organizations keep separate bank account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain separate bank accounts in some cases in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a troublesome job into a strategic possession.
Managing payroll globally is a challenging task due to different regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and businesses contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. In spite of living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to supply insights and options to simplify and enhance worldwide payroll payments.
about it to offer 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 offers me sleepless nights and quite honestly the more a company invests in global payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the average 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 around the world payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be consisted of best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly 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 acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to add to kind of the level of complexity there’s more and more benefits being organ or being offered by companies across the world so again you’re just wanting to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense perspective from an effect perspective on employees it is definitely critical that it’s done properly 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 greatest damaging impact on individuals’s wellness and many other aspects if people aren’t paid uh I have actually always been surprised entering this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just observe when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally also. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Global Payments first payroll payment option is an excellent preliminary step towards offering a detailed payroll service for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and savings account required for international payroll are crucial consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we understand how how important 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 everybody that’s associated with those processes and likewise so think of 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 make sure we’re discussing numerous thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of try to get back to everybody so moving on look why do companies select to main different bank accounts there are Papaya Global 100M Series Capital services out there doing exactly this for specific countries and I have actually worked in an organization or lots of companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and any person that’s dealing with that procedure 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 reasons one is it’s the requirement I think individuals have got so used to we need a new bank account we open an entity and appropriately 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 simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a process that needs looking at it requires changing however eventually people are extremely stuck to what they’re familiar
with ideal um change is a difficult thing all of us do not like change um so I think it’s simply type 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 understand certainly the advantages of having keeping several checking account however there’s a big amount of complexity opts for establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is substantial but I believe the truthful answer is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to track and this technique does pose several obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 100M Series Capital