Over the last five or 6 years …Papaya Global Integration With Accounting… functions on the service provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays 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 sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 extremely really dreary and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also review a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them becomes increasingly more complex International companies are looking to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain separate bank accounts in some cases in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a troublesome job into a tactical asset.
Handling payroll worldwide is a daunting job due to various regulations, compliance requirements, information security issues, and banking rules. The large number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of living in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and services to simplify 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 companies state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to type of progress with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly astonished when individuals state I’ve 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 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 often 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to type of the level of intricacy there’s a growing number of advantages being organ or being used by companies throughout the world so once again you’re simply seeking to include increasingly more payments to this currently intricate 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 genuine challenges or genuine challenging kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely say that the bigger an organization 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 groups feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs while doing sos 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 a period that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an impact point of view on workers it is definitely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment option is a terrific preliminary action towards supplying a comprehensive payroll solution for employees worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account required for international payroll are key factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyhow we understand how how crucial a function 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 associated with those procedures and likewise so imagine sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of 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 however it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of shot to return to everybody so moving on look why do business pick to primary different bank accounts there are Papaya Global Integration With Accounting services out there doing precisely this for specific countries and I have actually worked in a service or lots of companies doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and anyone 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 got so utilized to we require a brand-new checking account we open an entity and appropriately 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 just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires altering but eventually individuals are extremely stuck to what they recognize
with best um modification is a hard thing we all don’t like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining several checking account however there’s a huge amount of complexity chooses establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge however I think the truthful response is change um individuals have not had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to track and this technique does posture several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise 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 gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Integration With Accounting