Over the last 5 or 6 years …Papaya Global Covid-19… functions on the supplier side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll likewise go over a recap and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on moving 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 managing them becomes a growing number of intricate Worldwide companies are looking to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment perspective numerous companies maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to keep different savings account in some cases in various countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can transform them from a challenging job into a tactical property.
Handling payroll worldwide is a difficult job due to various policies, compliance requirements, data security concerns, and banking rules. The large variety of employees and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and an absence of integration, causing disparities and ineffectiveness. Despite 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 using pen and paper. This webinar objectives to provide insights and options to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in global payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of international businesses have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require to be included best and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 anywhere you look ideal ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to sort of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 frequently 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 however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by services across the world so once again you’re simply aiming to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply 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 know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense perspective from an impact viewpoint on workers it is definitely critical that it’s done properly and on time so what we indicate 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 impact on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually always been surprised entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply 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 things is definitely important that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a great initial step um providing an end-to-end payroll service for your employees worldwide once again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of companies and reducing the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t 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 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 likewise so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture 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 type of try to return to everybody so moving on appearance why do business select to primary different savings account there are Papaya Global Covid-19 companies out there doing exactly this for specific countries and I’ve worked in a business or numerous businesses doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not need to and anybody that’s dealing with that process 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 believe numerous reasons one is it’s the requirement I believe people have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I think this is a process that needs looking at it requires changing however eventually people are very stuck to what they recognize
with ideal um change is a challenging thing all of us don’t like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping numerous checking account but there’s a huge amount of complexity opts for setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is big but I think the truthful answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does posture several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I just 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 staff members you deserve a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Covid-19