Over the last five or 6 years …Papaya Global Ewss… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well among 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 rather 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 everybody originates 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 drizzling here it’s extremely really uninspiring and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also go over a wrap-up and that must leave his time at the extremely 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 workforces end up being a growing number of common and managing them ends up being increasingly more complicated International companies are seeking to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment viewpoint numerous organizations maintain different bank account just for payroll while some have several accounts in various countries does it make good sense for business to maintain separate checking account sometimes in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business streamline the episode complex procedures of
Making sure precise, efficient, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, discover how business forecast payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a difficult job into a tactical property.
Handling payroll worldwide is a daunting job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and organizations adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the information is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and state what is it what does not require to be consisted of right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 essential and innovation is allowing us to kind 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 varying banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by businesses throughout the world so once again you’re just looking to add more and more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or real challenging kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but 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 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 do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an impact perspective on workers it is absolutely 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 people’s well-being and many other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market type 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 correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out about it when it fails everyone 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your employees internationally again I think is another big um process again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of companies and minimizing the number of tools platforms and bank accounts they require 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested 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 role 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state picture 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 numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everybody so proceeding appearance why do companies select to primary separate checking account there are Papaya Global Ewss services out there doing precisely this for particular countries and I’ve operated in an organization or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for any person where we do not need 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 believe lots of reasons one is it’s the standard I think individuals have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it needs altering but ultimately individuals are really stuck with what they’re familiar
with right um change is a challenging thing all of us do not like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having maintaining several checking account but there’s a big quantity of intricacy chooses setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is huge but I believe the sincere response is modification um individuals have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this method does pose several challenges um so Johnny might you inform us about those difficulties yeah obviously 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 International staff members you deserve a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Ewss