Over the last five or 6 years …Papaya Global 2021 Update… roles on the company side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another number 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 rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 extremely very bleak and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll likewise review a wrap-up which ought to leave his time at the very really 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 Worldwide workforces become increasingly more common and handling them ends up being increasingly more complex Global companies are looking to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint many organizations keep different savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep different checking account often in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies improve the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to enhance working capital, and find how simplifying international payroll payments can change them from a troublesome task into a tactical asset.
Handling payroll internationally is an overwhelming job due to numerous policies, compliance requirements, information security concerns, and banking rules. The large number of workers and organizations adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of combination, resulting in disparities and ineffectiveness. In spite of residing in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide 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 gives me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global businesses have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought about 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m always amazed when people say 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 computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by companies across the world so once again you’re simply looking to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or real challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of years I would absolutely 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 groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you understand 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 timely they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it requires 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 point of view on workers it is definitely important that it’s done correctly 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 individuals’s well-being and many other aspects if people aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have been thanked for correctly 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 workers or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first International Payments very first payroll payment solution is a great initial step towards offering a comprehensive payroll service for employees worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts necessary for worldwide payroll are crucial factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying 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 need days of the week to try to check out them and really see what was going on and sort of try to return to everybody so carrying on look why do companies pick to primary separate bank accounts there are Papaya Global 2021 Update businesses out there doing exactly this for particular nations and I have actually operated in an organization or many organizations doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it needs changing but ultimately people are extremely stuck to what they recognize
with right um change is a challenging thing we all don’t like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving multiple savings account but there’s a big amount of complexity goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is big however I think the sincere response is change um people haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this technique does pose several challenges um so Johnny could you tell us about those challenges yeah obviously 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 Global employees you are worthy of a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 2021 Update