Over the last five or six years …Papaya Global Disappears On Login V 25… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating 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 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 raining here it’s very very bleak and I wish 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 managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also go over a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and managing them ends up being more and more intricate International companies are aiming to discover Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment standpoint lots of companies preserve separate checking account just for payroll while some have several accounts in various nations does it make good sense for companies to keep separate checking account in some cases in various nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business simplify the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how improving worldwide payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll globally is a complicated task due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. In spite of residing in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to offer insights and options 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 organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on international payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical 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 don’t run efficiently if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be consisted of right and what does
it need to be thought of 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 abilities 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 client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to kind of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry 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 data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply looking to add more and 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 make certain but have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would definitely state that the larger a service 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 info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an impact perspective on employees it is definitely important 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 need to be done right it has the most significant harmful impact on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been amazed entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a great first step um offering an end-to-end payroll option for your workers worldwide once again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of businesses and reducing the number of tools platforms and checking account they need for their Global 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how essential a function 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 simple as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply 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 all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to get back to everybody so moving on appearance why do companies select to primary different savings account there are Papaya Global Disappears On Login V 25 organizations out there doing precisely this for particular nations and I’ve operated in a company or numerous organizations doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately 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 requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing however eventually people are really stuck with what they’re familiar
with ideal um change is a hard thing we all don’t like change um so I believe it’s simply kind of moving far 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 numerous bank accounts but there’s a big amount of complexity opts for setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is substantial however I believe the honest response is modification um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or two there is a lot to monitor and this method does present several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range 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 jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Disappears On Login V 25