Over the last 5 or six years …Papaya Global Payroll For Restaurants… functions on the company side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or two to join all of us 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 everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and handling them ends up being increasingly more complicated Worldwide organizations are looking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective many companies keep different checking account just for payroll while some have numerous accounts in different countries does it make sense for business to keep separate savings account sometimes in various countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a challenging job into a strategic asset.
Managing payroll worldwide is a challenging task due to various regulations, compliance requirements, data security issues, and banking rules. The sheer number of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual processes, information silos, and a lack of combination, leading to inconsistencies and ineffectiveness. Despite living in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and services to streamline and enhance 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 state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies have 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 due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the average cost of a worldwide information 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 do not run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included right and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 complexity any place you look best eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble super payments no if however some babies 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 essential and technology is permitting us to sort of move on with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals 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 estimation 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to kind of the level of complexity there’s more and more benefits being organ or being used by services throughout the world so again you’re just aiming to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would absolutely 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 actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era 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 appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an effect viewpoint on employees it is definitely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on individuals’s wellness and lots of other elements if people aren’t paid uh I’ve always been amazed entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a great first step um supplying an end-to-end payroll option for your employees worldwide once again I think is another huge um process again aligning and guaranteeing you have standardization International processes all of those things are definitely key to success success of organizations and decreasing the variety of tools platforms and checking account they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle do not 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 actually doing that for for the thanks
anyway we understand how how crucial 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision 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 but it would certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do companies choose to primary separate savings account there are Papaya Global Payroll For Restaurants businesses out there doing exactly this for particular nations and I’ve worked in an organization or lots of organizations doing exactly that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need 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 standard individuals have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it requires altering but ultimately people are extremely stuck to what they recognize
with ideal um change is a difficult thing we all don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining multiple bank accounts but there’s a big amount of intricacy goes with establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial however I think the truthful answer is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to track and this approach does posture numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Payroll For Restaurants