Over the last 5 or 6 years …Papaya Global Nerja… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and handling them ends up being a growing number of complicated Worldwide organizations are seeking to find Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment viewpoint many organizations keep different savings account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different savings account sometimes in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll internationally is an overwhelming job due to different guidelines, compliance requirements, information security concerns, and banking rules. The large number of employees and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to offer insights and options to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the average cost of a worldwide 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 don’t run smoothly if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and state what is it what does not require to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like extremely payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and finance groups work better together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 ultimately it’s payroll is an end-to-end process it’s the point of information 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 increasingly more crucial to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or genuine tough type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense viewpoint from an effect perspective on staff members it is absolutely crucial 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 need to be done right it has the most significant destructive result on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. Therefore, it is vital to ensure that jobs like Wi-Fi International and other important matters are done properly. Using the very first Worldwide Payments first payroll payment service is a fantastic preliminary action towards offering a thorough payroll solution for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and bank accounts needed for international payroll are essential consider achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we understand how how essential 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 processes and likewise so envision sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and type of shot to return to everybody so moving on appearance why do companies pick to primary different savings account there are Papaya Global Nerja services out there doing exactly this for specific nations and I’ve worked in a service or lots of businesses doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think 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 think people have got so utilized to we need a brand-new checking 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 think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs changing however ultimately people are extremely stuck to what they recognize
with best um change is a tough thing all of us do not like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping several bank accounts but there’s a huge amount of complexity chooses setting up a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is big however I think the truthful response is modification um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to monitor and this method does pose a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Nerja