Over the last five or 6 years …Papaya Global Marketplace… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really 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 raining here it’s really really bleak and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and handling them ends up being a growing number of complicated International organizations are aiming to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve separate checking account sometimes in various countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and find how improving global payroll payments can change them from a difficult task into a strategic asset.
Managing payroll internationally is a complicated task due to various regulations, compliance requirements, data security issues, and banking rules. The sheer number of workers and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and a lack of integration, leading to disparities and inefficiencies. In spite of residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and options 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 just 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in global 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 mishaps in the last mile of the transaction nearly half of global companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the data is shipped to the wrong location the average cost of a global information 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 several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being used by companies throughout the world so again you’re simply looking to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger an organization 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 teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop additional handoffs in the processes 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 an era of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an impact perspective on workers it is absolutely 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 damaging effect on people’s well-being and lots of other elements if people aren’t paid uh I’ve always been astonished entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all hear about it when it fails everyone 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 view 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 stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll solution for your workers worldwide once again I think is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and bank accounts they need 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 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 quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 associated with those procedures and also so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so carrying on look why do companies pick to main different bank accounts there are Papaya Global Marketplace services out there doing exactly this for specific nations and I have actually worked in an organization or many services doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing additional work for any person where we don’t need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs altering however ultimately people are extremely stuck to what they recognize
with best um modification is a tough thing we all do not like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving several savings account but there’s a substantial amount of complexity chooses setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the honest response is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we have actually 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 identified to be the next Century or two there is a lot to track and this method does present a number of obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range 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 Worldwide staff members you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Marketplace