Over the last 5 or six years …Papaya Global Live Q&A… roles on the company side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing 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 everyone comes from and I really 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 extremely dreary and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll likewise review a recap and that ought to leave his time at the really 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 end up being more and more typical and handling them ends up being a growing number of intricate Worldwide organizations are aiming to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment standpoint many companies preserve separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to maintain separate savings account often in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business improve the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how improving global payroll payments can transform them from a difficult task into a tactical property.
Handling payroll internationally is a challenging job due to various policies, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and services contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of combination, causing disparities and inadequacies. Despite residing in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and options to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they depend on the needed multiple processes 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 challenges organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be included right and what does
it require to be thought of there’s differing Bank information 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 abilities 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 customer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market 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 information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to sort of the level of complexity there’s more and more advantages being organ or being offered by businesses across the world so again you’re just looking to include increasingly more payments to this already complex landscape so if you type 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 genuine obstacles or real tough kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information 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 always require to be the case you know long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from an expense perspective from an effect point of view on workers it is definitely vital 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 greatest harmful impact on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a terrific initial step um providing an end-to-end payroll service for your staff members globally again I believe is another huge um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and savings account they require for their Worldwide payroll too could not 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
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 simple as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying 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 require days of the week to try to browse them and in fact see what was going on and type of shot to get back to everyone so proceeding look why do business select to main separate bank accounts there are Papaya Global Live Q&A services out there doing precisely this for specific countries and I have actually worked in a service or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and any person that’s managing 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 many factors one is it’s the standard I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it requires changing however eventually people are really stuck with what they’re familiar
with best um change is a challenging thing we all do not like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving multiple checking account but there’s a huge quantity of complexity goes with establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is huge however I think the honest answer is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep track of and this method does posture a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Live Q&A