Over the last five or six years …Papaya Global 50+ Employees… roles on the company side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among 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 fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 drizzling here it’s really really gloomy and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll also review a wrap-up which must leave his time at the really really 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 Worldwide workforces end up being more and more common and managing them becomes more and more complex International organizations are aiming to discover Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment standpoint numerous companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve separate checking account sometimes in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business streamline the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a difficult job into a tactical asset.
Managing payroll worldwide is an overwhelming job due to different guidelines, compliance requirements, information security issues, and banking rules. The large number of employees and services adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of combination, resulting in disparities and inefficiencies. Regardless of living in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to provide insights and services to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of an image they see an absence of exposure likewise 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 organizations have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors improperly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s differing Bank information 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 abilities 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is definitely critical but 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 type 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 fundamental and innovation is allowing us to type of move on with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to add to sort of the level of complexity there’s more and more advantages being organ or being used by companies across the world so once again you’re just aiming to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger a service 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 info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop 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 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 difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from a cost perspective from an impact perspective on workers it is definitely important 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 have to be done right it has the most significant harmful impact on people’s wellness and many other aspects if people aren’t paid uh I’ve always been amazed entering this Market type of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only see when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. For that reason, it is vital to ensure that tasks like Wi-Fi Global and other important matters are done correctly. Using the first International Payments first payroll payment option is a fantastic initial action towards offering a comprehensive payroll service for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account required for worldwide payroll are crucial factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
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 procedures and likewise so picture sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everybody so carrying on look why do business choose to primary different bank accounts there are Papaya Global 50+ Employees businesses out there doing precisely this for particular countries and I’ve worked in a service or many businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t have to and anybody that’s handling that process 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 believe numerous factors one is it’s the standard I think people have got so used to we require a new savings account we open an entity and appropriately so you need 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 standard the people have 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 numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it requires altering however ultimately individuals are extremely stuck with what they’re familiar
with right um modification is a tough thing we all don’t like change um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving multiple savings account but there’s a big quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is substantial however I believe the sincere response is modification um individuals haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to track and this technique does position numerous difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global 50+ Employees