Over the last 5 or 6 years …Israelbased Papaya Global Microsoft Intel 45M… functions on the provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 originates from and I actually 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 extremely very gloomy and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a recap and that must leave his time at the really very 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 International workforces become more and more common and managing them becomes a growing number of complicated Global organizations are seeking to find Solutions and new methods to enhance processes particularly from a payroll and cross-border payment perspective many organizations keep separate checking account just for payroll while some have several accounts in various countries does it make good sense for business to preserve different checking account sometimes in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and discover how enhancing global payroll payments can transform them from a challenging task into a tactical asset.
Managing payroll internationally is a difficult task due to various regulations, compliance requirements, data security issues, and banking rules. The large number of employees and companies contributes to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of living in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on international payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with 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 as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the needed 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 good question I always throw this back and say what is it what does not need to be consisted of right and what does
it require to be considered there’s differing 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 capabilities 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 consumer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by businesses throughout the world so once again you’re just wanting to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult kind 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 service gets the more it tends to segregate the payroll and the payments functions 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 does not always require to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost perspective from an effect 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 have to be done right it has the greatest harmful effect on people’s well-being and many other factors if people aren’t paid uh I have actually always been surprised entering this Market type of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only observe when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally too. Therefore, it is vital to guarantee that jobs like Wi-Fi International and other crucial matters are done properly. Using the very first Worldwide Payments very first payroll payment option is a fantastic initial step towards supplying a comprehensive payroll option for workers worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and savings account essential for worldwide payroll are crucial consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
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 involved in those procedures and also so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting 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 really see what was going on and type of shot to return to everybody so moving on look why do business choose to main different savings account there are Israelbased Papaya Global Microsoft Intel 45M companies out there doing precisely this for particular countries and I have actually worked in an organization or lots of companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anybody that’s handling 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 believe many reasons one is it’s the requirement I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs altering however ultimately people are extremely stuck with what they’re familiar
with best um change is a hard thing all of us don’t like modification um so I think 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 benefits of having keeping several checking account but there’s a huge amount of intricacy chooses establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is huge however I think the truthful response is change um people have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you inform us about those challenges yeah obviously 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 handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Israelbased Papaya Global Microsoft Intel 45M