Over the last 5 or 6 years …Papaya Global Knowledge Base… functions on the provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of 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 everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also review a recap which ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them ends up being increasingly more complex International organizations are seeking to find Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective lots of organizations preserve different checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain separate bank accounts often in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies enhance the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to optimize working capital, and discover how streamlining international payroll payments can change them from a challenging task into a tactical asset.
Managing payroll worldwide is a daunting task due to different regulations, compliance requirements, data security issues, and banking rules. The sheer number of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and an absence of combination, causing disparities and ineffectiveness. Despite residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and services to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a company invests in international payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need 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 nation 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if but some children 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 recognition that payroll payments are definitely essential and innovation is enabling us to kind of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry 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 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 more and more important to add to type of the level of complexity there’s more and more advantages being organ or being used by services throughout the world so once again you’re simply seeking to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine challenging type of pay utilizes to play to pay people I think yeah I mean 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 functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just 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 an age that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense viewpoint from an effect point of view on workers it is definitely important 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 greatest harmful result on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually always been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only observe when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is a great initial action towards supplying a thorough payroll option for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account essential for worldwide payroll are key factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we understand how how important a role 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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do business pick to primary separate bank accounts there are Papaya Global Knowledge Base services out there doing precisely this for specific countries and I’ve worked in a company or lots of services doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and any person 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 quantity that we are I think numerous factors one is it’s the requirement I think people have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing but ultimately people are very stuck with what they’re familiar
with ideal um modification is a difficult thing we all do not 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 lot of track of stuff um I understand obviously the benefits of having keeping numerous checking account but there’s a substantial amount of intricacy goes with setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is huge but I think the sincere response is change um people haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually constantly 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 understand what could nearly be identified to be the next Century or so there is a lot to track and this method does present several difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Knowledge Base