Over the last 5 or six years …What Does Papaya Global Do… roles on the company side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap which needs to leave his time at the extremely extremely 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 labor forces become increasingly more common and managing them ends up being increasingly more complex Global companies are aiming to find Solutions and new methods to improve procedures particularly from a payroll and cross-border payment perspective numerous organizations keep different checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep separate savings account often in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex processes of
Ensuring precise, efficient, and timely payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and find how improving global payroll payments can transform them from a difficult task into a tactical asset.
Managing payroll globally is a complicated task due to various regulations, compliance requirements, data security issues, and banking guidelines. The large variety of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of combination, causing inconsistencies and inefficiencies. In spite of living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the data is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be consisted of best 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 nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to type of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so once again you’re simply looking to include more and more payments to this already complex landscape so if you type 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 genuine obstacles or genuine difficult kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates 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 but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not 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 tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact perspective on workers it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive effect on individuals’s wellness and many other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your staff members internationally once again I think is another big um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and checking account 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 do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand 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 processes and also so envision sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and type of shot to return to everyone so proceeding appearance why do business pick to primary separate bank accounts there are What Does Papaya Global Do services out there doing precisely this for particular nations and I have actually operated in a business or lots of organizations doing exactly that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and any person that’s managing that procedure 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 believe lots of factors one is it’s the standard I think people have got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately individuals are extremely stuck with what they recognize
with right um modification is a tough thing we all do not like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping multiple bank accounts however there’s a big quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the truthful response is change um individuals haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep track of and this approach does position a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you What Does Papaya Global Do