Over the last 5 or 6 years …Papaya Global Payroll Solutions… roles on the service provider side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very dreary and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap and that should leave his time at the extremely extremely 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 International labor forces end up being a growing number of typical and managing them becomes more and more complicated International companies are seeking to discover Solutions and new methods to enhance procedures especially from a payroll and cross-border payment viewpoint many companies maintain separate bank account just for payroll while some have several accounts in various nations does it make good sense for business to preserve different checking account sometimes in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can change them from a troublesome job into a strategic asset.
Handling payroll worldwide is an overwhelming task due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and services adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses 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 business invests in global payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not need to be included ideal 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 amount of time there’s payment capabilities 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 complexity wherever you look best ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance teams 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 profession 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by businesses across the world so again you’re simply aiming to include a growing number of payments to this already intricate landscape so if you sort 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 real difficult kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop 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 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 we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact point of view on staff members it is absolutely vital that it’s done properly and on time so what we mean 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 detrimental result on people’s wellness and many other aspects if people aren’t paid uh I have actually always been impressed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody 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 essential cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally too. Therefore, it is important to ensure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first Global Payments first payroll payment solution is a fantastic preliminary step towards providing a comprehensive payroll option for workers worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and bank accounts required for worldwide payroll are crucial consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important 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 simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and type of try to return to everyone so carrying on appearance why do business select to primary different savings account there are Papaya Global Payroll Solutions services out there doing exactly this for particular countries and I’ve worked in an organization or lots of services doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need 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 amount that we are I believe numerous reasons one is it’s the standard I believe individuals have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing however ultimately people are very stuck to what they recognize
with right um change is a tough thing all of us don’t like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping several bank accounts but there’s a huge quantity of complexity chooses establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big but I believe the truthful answer is change um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this method does position a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Payroll Solutions