Over the last 5 or 6 years …Papaya Global Payroll Hiring… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 very dreary and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a recap 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 Global workforces end up being more and more common and handling them ends up being more and more intricate International organizations are seeking to find Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of companies keep different checking account just for payroll while some have several accounts in different countries does it make sense for business to keep separate savings account in some cases in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies improve the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a troublesome job into a tactical property.
Handling payroll globally is a daunting task due to different policies, compliance requirements, data security issues, and banking rules. The large variety of staff members and organizations contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and a lack of integration, leading to inconsistencies and inadequacies. In spite of living in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you a concept 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 frankly the more an organization spends on international payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they don’t 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 bad HCM information data entry errors inadequately interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what does not require to be included right and what does
it require to be thought of there’s differing Bank information 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 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 any place you look right eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble 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 definitely essential and technology is enabling us to type of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being used by businesses across the world so once again you’re just wanting to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info 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 does not necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any business has from a cost perspective from an impact viewpoint on workers it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been amazed 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 kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody 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 things is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your employees globally again I believe is another big um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and savings account they require for their Worldwide 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated 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 easy as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of 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 actually see what was going on and sort of try to get back to everyone so carrying on look why do business choose to primary separate savings account there are Papaya Global Payroll Hiring organizations out there doing exactly this for particular countries and I’ve operated in an organization or lots of businesses doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and any person that’s managing 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 amount that we are I think lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs changing but eventually people are very stuck to what they recognize
with right um change is a challenging thing we all don’t like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining several bank accounts but there’s a substantial quantity of intricacy goes with setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the truthful response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to monitor and this approach does present a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global 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 accomplishments. Papaya Global Payroll Hiring