Over the last 5 or 6 years …Papaya Global Payroll Calulator… functions on the provider side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so 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 just 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 is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish 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 taking a look at the obstacle years of handling Global payroll why business maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also review a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being more and more complicated International companies are aiming to discover Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment perspective lots of companies preserve separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve separate bank accounts sometimes in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies simplify the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to optimize working capital, and find how streamlining global payroll payments can change them from a challenging task into a tactical possession.
Handling payroll worldwide is an overwhelming job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of combination, leading to disparities and inadequacies. Despite residing in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and options to streamline and optimize 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 state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of international services have actually expressed that they don’t 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 data information entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what does not need to be included right and what does
it need 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 timespan 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 definitely critical however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely essential and technology is allowing us to sort of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and financing teams work closer together than ever um I’m always astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re simply looking to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real challenging sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger a business 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 groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense point of view from an effect point of view on staff members it is absolutely critical that it’s done correctly and on time so what we mean 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 numerous other elements if individuals aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong 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 also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a terrific primary step um offering an end-to-end payroll option for your employees worldwide once again I think is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of organizations and decreasing the number of tools platforms and checking account they require for their Global 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 ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how crucial 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 associated with those processes and likewise so imagine sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up 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 look through them and really see what was going on and type of shot to return to everybody so proceeding appearance why do companies pick to main different checking account there are Papaya Global Payroll Calulator services out there doing exactly this for particular countries and I have actually operated in a company or numerous organizations doing precisely that I can say 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 any person where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe 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 actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires changing however ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a tough thing we all do not like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving multiple savings account but there’s a substantial quantity of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge however I think the truthful answer is modification um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does present a number of challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Payroll Calulator