Over the last five or 6 years …Papaya Global Price Plans… roles on the company side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review 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 recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them becomes increasingly more complex Worldwide organizations are looking to discover Solutions and new ways to simplify processes specifically from a payroll and cross-border payment viewpoint many organizations maintain different checking account just for payroll while some have several accounts in different countries does it make sense for business to preserve separate checking account often in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can transform them from a burdensome task into a strategic possession.
Managing payroll internationally is a complicated job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large variety of workers and services adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and services to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global companies have actually revealed 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 poor HCM information information entry errors inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they rely on the required several procedures 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 challenges service face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be included ideal 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 fundamental and innovation is enabling us to type of move on with that it likewise as well to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work better 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 anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 eventually 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being used by companies across the world so again you’re simply aiming to include increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason 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 business has from an expense perspective from an impact point of view on employees it is absolutely 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 need to be done right it has the biggest destructive result on people’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been informed 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 fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll solution for your employees internationally again I believe is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how essential 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 everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na state think of 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 discussing numerous thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so proceeding appearance why do business pick to primary different checking account there are Papaya Global Price Plans companies out there doing precisely this for particular countries and I have actually worked in an organization or many services doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe 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 believe people have got so utilized to we require a brand-new bank 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 just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals 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 variety I believe this is a procedure that requires taking a look at it requires altering however ultimately people are really stuck to what they’re familiar
with best um change is a hard thing all of us do not like change um so I think 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 comprehend certainly the benefits of having maintaining several savings account but there’s a huge amount of complexity opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is huge but I think the honest response is modification um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this method does position numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched 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 employees you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Price Plans