Over the last 5 or 6 years …Papaya Global Payroll Bank Account… functions on the service provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes 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 really very 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 companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll likewise go over a wrap-up and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and handling them ends up being a growing number of complicated International companies are wanting to find Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment standpoint lots of companies preserve separate checking account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different bank accounts often in various countries it does but 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 business streamline the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to enhance working capital, and discover how improving worldwide payroll payments can change them from a burdensome job into a tactical asset.
Managing payroll globally is a challenging job due to different regulations, compliance requirements, data security issues, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, resulting in disparities and inefficiencies. In spite of residing in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to offer insights and services to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides 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 also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be consisted of right 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 time frames there’s payment abilities so can you pay it from International or do you need 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 best ultimately developing a knowledge base is absolutely crucial however all over 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 look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential 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 varying Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses across the world so once again you’re simply wanting to add a growing number of payments to this currently complex landscape so if you kind 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 genuine difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely state that the larger a company 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 groups feeding information into the next function as it were that’s actually handling the payment side of things however you understand 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 need to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense point of view from an effect point of view on workers it is definitely critical 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 biggest destructive impact on people’s wellness and many other factors if people aren’t paid uh I have actually always been surprised coming into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first International Payments first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your staff members worldwide once again I think is another substantial um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and reducing 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 terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how essential a function 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 associated with those processes and also so think of sorry I’m simply I was just gon na say picture 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 possibly Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and sort of try to return to everyone so moving on look why do companies pick to main different checking account there are Papaya Global Payroll Bank Account services out there doing precisely this for particular nations and I’ve operated in a service or many services doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I believe people have got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it needs changing however ultimately people are extremely stuck with what they recognize
with ideal um modification is a challenging thing all of us do not like change 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 comprehend clearly the advantages of having keeping numerous savings account but there’s a substantial quantity of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is huge however I think the truthful response is modification um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does present a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Bank Account