Over the last 5 or six years …Papaya Global Colombia… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type 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 everyone originates from and I really 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 raining here it’s very very bleak and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating 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 handling them ends up being more and more complicated International companies are looking to find Solutions and new methods to enhance procedures especially from a payroll and cross-border payment viewpoint lots of companies preserve separate checking account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain different savings account sometimes in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a difficult task into a strategic possession.
Managing payroll globally is a complicated task due to various policies, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and a lack of integration, leading to inconsistencies and inadequacies. In spite of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to offer insights and services to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on global payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s varying Bank information 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 often 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by services throughout the world so again you’re just seeking to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say that the larger an organization 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 teams feeding information into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run 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 era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense viewpoint from an effect viewpoint on employees it is absolutely vital 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 biggest damaging result on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been astonished entering this Market kind of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during 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 an important cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally as well. For that reason, it is important to ensure that tasks like Wi-Fi Global and other important matters are done properly. Using the very first Global Payments very first payroll payment service is a fantastic preliminary step towards offering a comprehensive payroll solution for workers worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and checking account essential for international payroll are key factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Eventually, we do not do it for the gratitude.
anyway we know 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 procedures and likewise so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task 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 check out them and really see what was going on and type of try to return to everyone so proceeding appearance why do business pick to main different bank accounts there are Papaya Global Colombia organizations out there doing exactly this for particular countries and I’ve operated in a business or many companies doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not have 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 many factors one is it’s the standard I believe individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a procedure that needs looking at it needs changing but eventually individuals are extremely stuck to what they recognize
with right um modification is a challenging thing we all don’t like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving multiple checking account but there’s a big quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is huge but I think the truthful response is change um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck 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 reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does pose a number of obstacles um so Johnny might you tell us about those obstacles 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 manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Colombia