Over the last 5 or six years …Papaya Global Ipo… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 raining here it’s very very gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a wrap-up and that must leave his time at the extremely very 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 labor forces end up being a growing number of common and managing them becomes more and more complex Worldwide companies are seeking to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment perspective numerous companies keep different checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to maintain separate checking account in some cases in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex procedures of
Making sure accurate, effective, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and find how simplifying international payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll globally is a complicated job due to numerous regulations, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and services to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on international payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international services have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and after that when you round everything off and the information is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be consisted of ideal 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 nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work better together than ever um I’m always amazed when individuals say 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 profession would they divide the payroll payment from computation 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so again you’re just seeking to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce 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 era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost perspective from an effect viewpoint on workers 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 most significant destructive impact on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been astonished entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a fantastic initial step um supplying an end-to-end payroll service for your workers internationally once again I think is another big um process once again aligning and ensuring you have standardization International procedures all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 involved in those processes and likewise so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine 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 however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and sort of shot to get back to everybody so proceeding appearance why do business choose to main separate savings account there are Papaya Global Ipo companies out there doing precisely this for specific nations and I have actually operated in a company or lots of businesses doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and any person 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 quantity that we are I believe many reasons one is it’s the standard I believe people have got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however 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 actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering however eventually people are extremely stuck with what they recognize
with right um change is a hard thing all of us do not like modification um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping numerous savings account however there’s a huge quantity of complexity opts for establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is huge however I believe the honest response is modification um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to track and this method does present several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I simply 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 Global staff members you should have a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Ipo