Over the last 5 or 6 years …Papaya Global Inc Atlanta… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number 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 quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them ends up being more and more complicated Global organizations are aiming to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment perspective lots of organizations preserve different savings account just for payroll while some have several accounts in different nations does it make good sense for companies to keep separate bank accounts often in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies streamline the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for services running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can transform them from a burdensome job into a strategic possession.
Managing payroll internationally is an overwhelming job due to various regulations, compliance requirements, information security concerns, and banking rules. The large number of staff members and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of living in an age of technological improvements, 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 streamline and optimize 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 Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on international payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of international businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t require to be included right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely vital however all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in 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 enabling us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work better together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by services throughout the world so again you’re simply aiming to include a growing number of payments to this currently intricate landscape so if you sort 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 challenging type of pay utilizes to play to pay people I believe 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 teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require 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 prompt they make them less efficient and they don’t make them what they require to be in in an age 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 difficult as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost viewpoint from an impact perspective on employees it is definitely vital that it’s done properly and on time so what we imply 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 detrimental effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been astonished entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a great first step um providing an end-to-end payroll option for your staff members internationally again I believe is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how essential a function 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 everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that numerous 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 an interesting 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 was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and kind of try to return to everyone so carrying on appearance why do companies select to primary different bank accounts there are Papaya Global Inc Atlanta businesses out there doing precisely this for particular nations and I have actually worked in a company or many services doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra 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 believe numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll functions 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 actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with best um modification is a tough thing all of us don’t like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping numerous checking account however there’s a big amount of intricacy goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big but I believe the honest response is modification um individuals haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or so there is a lot to monitor and this technique does posture several challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Inc Atlanta