Over the last 5 or 6 years …Papaya Global Inc Glassdoor… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 extremely extremely bleak and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll likewise go over a recap and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and managing them ends up being a growing number of complex Worldwide organizations are seeking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint numerous organizations keep separate checking account just for payroll while some have numerous accounts in various countries does it make sense for business to keep different checking account in some cases in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies enhance the episode complex procedures of
Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how improving worldwide payroll payments can transform them from a challenging task into a tactical asset.
Handling payroll internationally is a daunting job due to numerous guidelines, 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 individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. In spite of residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and options to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in international payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data 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 need to move the cash around the world payroll and payments do not run smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be consisted of best and what does
it require 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 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 any place you look right ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 basic and technology is allowing us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m constantly surprised when individuals say I have actually 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 frequently 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to add to sort of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so once again you’re simply looking to include a growing number of payments to this currently complex landscape so if you sort 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 real difficulties or real challenging kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however you understand 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 produce extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost point of view from an impact perspective on workers it is definitely vital 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 greatest destructive result on people’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only observe when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other essential matters are done properly. Using the first International Payments first payroll payment service is a fantastic preliminary action towards offering a detailed payroll option for employees worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and savings account necessary for global payroll are key factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we know how how crucial 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 everybody that’s involved in those procedures and likewise so think of sorry I’m simply 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’m sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture 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 really see what was going on and type of try to return to everybody so moving on appearance why do companies choose to primary different bank accounts there are Papaya Global Inc Glassdoor companies out there doing exactly this for particular countries and I’ve worked in a company or many companies doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s managing 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 quantity that we are I think many reasons one is it’s the requirement I believe people have got so utilized to we need a brand-new checking 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 just been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it needs altering but ultimately people are really stuck to what they’re familiar
with best um change is a challenging thing we all don’t like modification 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 comprehend certainly the advantages of having preserving numerous bank accounts but there’s a substantial amount of complexity opts for establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is big but I think the truthful answer is modification um people have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does present a number of obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Business 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 International staff members you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Inc Glassdoor