Over the last 5 or six years …Papaya Global Atlanta Ga… functions on the supplier side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really 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 very very dreary and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also review a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them ends up being a growing number of complicated Global companies are seeking to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment viewpoint lots of companies maintain separate bank account just for payroll while some have several accounts in different nations does it make sense for companies to keep different bank accounts sometimes in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a burdensome task into a tactical property.
Managing payroll internationally is a daunting task due to numerous policies, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and a lack of combination, causing disparities and inadequacies. Despite residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to supply insights and options to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on international payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide businesses have expressed that they do not 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 information information entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary 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 obstacles service face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t 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 time frames 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 complexity anywhere you look ideal eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance groups work better together than ever um I’m constantly impressed when people state I’ve split 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 an industry accept that why our payroll and payments so often 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re just looking to include more and more payments to this already 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 obstacles or genuine difficult type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an impact perspective on workers it is absolutely important that it’s done properly and on time so what we suggest 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 detrimental result on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe 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 stuff is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll solution for your workers worldwide once again I believe is another big um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and savings account 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how important 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 easy as possible for everyone that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and type of shot to return to everyone so carrying on appearance why do business choose to main separate bank accounts there are Papaya Global Atlanta Ga businesses out there doing precisely this for specific nations and I have actually worked in a company or many companies doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not have to and anybody that’s handling 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 amount that we are I think lots of reasons one is it’s the standard I believe people have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard 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 taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering however ultimately individuals are really stuck with what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping several bank accounts however there’s a substantial quantity of complexity goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is substantial however I think the honest answer is change um individuals haven’t been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think 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 excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to monitor and this technique does position numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise 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 staff members you should have a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Atlanta Ga