Over the last 5 or six years …Reset Papaya Global Path… roles on the service provider side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly 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 very very gloomy 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 challenge years of handling International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also review a wrap-up which must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and managing them ends up being increasingly more complicated Worldwide companies are looking to find Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment standpoint numerous companies preserve separate checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain different bank accounts in some cases in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business enhance the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can change them from a difficult task into a strategic asset.
Managing payroll internationally is a challenging job due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. Regardless of residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and options to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the information is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 complexity wherever you look best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to kind of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m always astonished when people state I have actually split 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 split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information 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 live in and well-being being a growing number of important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by companies throughout the world so once again you’re just looking 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 tough type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely say that the larger 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 groups feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run 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 age of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost point of view from an effect point of view on staff members it is definitely vital 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 most significant damaging effect on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been impressed entering this Market kind of the last 5 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 great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll option for your workers internationally once again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and lowering 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 regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of 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 grievances where things haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we know 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 easy as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that lots of 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 definitely be a fascinating job trying to clean 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 try to look through them and actually see what was going on and type of shot to return to everyone so proceeding look why do companies select to main separate checking account there are Reset Papaya Global Path companies out there doing precisely this for specific nations and I’ve operated in an organization or many organizations doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and any person that’s dealing with 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 amount that we are I think many reasons one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering however ultimately people are very stuck with what they recognize
with best um change is a hard thing we all don’t like modification um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving multiple bank accounts but there’s a substantial amount of complexity chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is big but I think the sincere answer is modification um people have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep track of and this technique does posture numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Reset Papaya Global Path