Over the last 5 or six years …Papaya Global Payroll Partners… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually 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 really gloomy and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that ought to leave his time at the really very 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 Worldwide workforces end up being a growing number of typical and handling them ends up being increasingly more complex Global organizations are aiming to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint lots of organizations preserve different bank account just for payroll while some have several accounts in various countries does it make sense for business to keep different bank accounts sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can change them from a troublesome job into a tactical property.
Handling payroll internationally is a challenging task due to various policies, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. Despite residing in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer insights and solutions to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on international payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is delivered to the wrong place the average expense of an international information 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 do not run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective 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 a great question I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it require 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 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 customer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is definitely vital but 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 take a look at the sort 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 absolutely fundamental and technology is enabling us to sort of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work closer together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so once again you’re simply looking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or genuine challenging sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would certainly say that the bigger a service 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 teams feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect point of view on employees it is definitely important that it’s done correctly 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 impact on people’s wellness and lots of other factors if people aren’t paid uh I have actually always been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this sort of webinar has actually 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 but eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply 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 essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a great initial step um offering an end-to-end payroll service for your employees worldwide once again I think is another huge um process again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate 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 meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 everyone that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of 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 however it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so proceeding look why do business pick to primary different bank accounts there are Papaya Global Payroll Partners businesses out there doing precisely this for specific nations and I’ve worked in an organization or numerous organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and any person that’s managing 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 quantity that we are I think numerous factors one is it’s the standard I believe individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing but ultimately people are really stuck to what they recognize
with best um change is a hard thing we all do not like modification um so I think 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 understand obviously the advantages of having maintaining several checking account but there’s a huge quantity of complexity opts for establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is big but I believe the honest response is modification um individuals haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine 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 determined to be the next Century approximately there is a lot to track and this approach does pose numerous difficulties um so Johnny could you tell us about those obstacles yeah obviously 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 manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Payroll Partners