Over the last 5 or six years …Papaya Global Cancellation… roles on the company side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates 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 drizzling here it’s really extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll also review a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them ends up being more and more intricate International organizations are looking to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment perspective many organizations preserve separate savings account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve separate bank accounts in some cases in various nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining global payroll payments can transform them from a troublesome job into a strategic possession.
Handling payroll worldwide is a daunting task due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of staff members and services contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual processes, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. In spite of living in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the required 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 difficulties business face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be included ideal 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 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 have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to sort of progress with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide 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 process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to add to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations throughout the world so once again you’re just aiming to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real difficult sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger 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 info into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we run in they simply make them more timely 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 why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from an expense perspective from an impact perspective on employees it is definitely vital that it’s done properly 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 biggest destructive effect on people’s wellness and lots of other elements if individuals aren’t paid uh I have actually always been impressed entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic first step um supplying an end-to-end payroll service for your employees worldwide once again I believe is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and savings account they require for their Worldwide 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 countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand 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 everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everybody so carrying on appearance why do companies choose to main separate checking account there are Papaya Global Cancellation businesses out there doing exactly this for particular countries and I’ve worked in a business or many organizations doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and any person that’s managing 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 amount that we are I think numerous factors one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering however eventually people are really stuck to what they’re familiar
with right um modification is a difficult thing we all don’t like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping several bank accounts however there’s a huge amount of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is big however I think the truthful response is change um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does present a number of challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise 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 International workers you should have a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Cancellation