Over the last five or 6 years …Papaya Global Install Location… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very dreary and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also go over a wrap-up which must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them becomes more and more intricate Worldwide companies are seeking to discover Solutions and new methods to streamline procedures especially from a payroll and cross-border payment standpoint lots of companies keep separate checking account just for payroll while some have several accounts in various countries does it make sense for business to keep different bank accounts in some cases in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business simplify the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to optimize working capital, and discover how streamlining global payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll worldwide is an overwhelming job due to various policies, compliance requirements, data security concerns, and banking rules. The sheer number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. Regardless of residing in an era of technological advancements, payroll management has been sluggish to adapt, 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 give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international companies have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors badly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective 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 a good question I constantly throw this back and say what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 complexity wherever you look right ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 innovation is permitting us to kind of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance 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 doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being provided by companies across the world so once again you’re just looking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine challenging kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task 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 does not necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense point of view from an impact point of view on workers it is absolutely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging result on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has been told 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 workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 things is absolutely vital that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll option for your staff members worldwide once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of companies and decreasing 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 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 problems where things have not gone quite where they’re suggested 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everyone so moving on appearance why do companies select to primary different checking account there are Papaya Global Install Location companies out there doing exactly this for specific countries and I have actually worked in an organization or numerous companies doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anyone that’s handling 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 amount that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a new checking 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 believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires changing however eventually individuals are extremely stuck to what they’re familiar
with ideal um change is a hard thing all of us don’t like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping multiple checking account but there’s a huge quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is huge but I think the sincere response is modification um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this technique does posture a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Install Location