Over the last five or six years …Papaya Global 28.05… roles on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually 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 very extremely dreary and I want I was elsewhere at this moment in time fine so let’s start 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 companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also discuss a recap and that ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them becomes more and more complicated Global companies are aiming to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment viewpoint many companies maintain separate checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different savings account in some cases in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business streamline the episode complex processes of
Ensuring precise, efficient, and timely payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to enhance working capital, and discover how streamlining global payroll payments can change them from a burdensome job into a strategic property.
Handling payroll worldwide is an overwhelming task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of workers and services adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual procedures, information silos, and an absence of integration, leading to inconsistencies and inadequacies. Regardless of living in a period of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and options to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors badly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the needed 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 difficulties organization face when they’re making payments to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be considered 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if however some children 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 basic and innovation is enabling us to type of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of complexity there’s increasingly more benefits being organ or being offered by businesses across the world so again you’re simply looking to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine difficult kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly state that the bigger 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 in fact handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense point of view from an effect viewpoint on employees it is definitely important 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 have to be done right it has the biggest damaging result on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been amazed entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll option for your staff members globally again I believe is another big um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how important 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 everybody that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of try to get back to everybody so carrying on appearance why do companies pick to main different checking account there are Papaya Global 28.05 businesses out there doing precisely this for particular nations and I’ve operated in a business or many businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t 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 think numerous factors one is it’s the standard I believe people have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but eventually people are extremely stuck with what they recognize
with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining numerous savings account but there’s a substantial quantity of complexity chooses establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is huge but I think the truthful response is change um people haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to monitor and this method does position several difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global 28.05