Over the last 5 or 6 years …What Is Eps In Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type 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 sort of like see where everyone comes from and I truly 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 really really uninspiring and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies 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 enhancing papaya Global payroll payments as a strategic property uh we’ll also discuss a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and managing them ends up being increasingly more complicated Worldwide companies are aiming to discover Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment standpoint lots of companies keep separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve different savings account sometimes in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome job into a tactical property.
Handling payroll globally is a daunting task due to various guidelines, compliance requirements, information security concerns, and banking rules. The large number of staff members and companies contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and a lack of combination, leading to disparities and inefficiencies. Regardless of residing in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and services to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business spends on international payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors badly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of ideal 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 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely important that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 individuals 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 crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so again you’re simply wanting to include more and more payments to this currently 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 real obstacles or real challenging type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a service 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 details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense perspective from an impact perspective on employees it is definitely critical 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 need to be done right it has the most significant detrimental effect on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually always been amazed entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also 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 option is an excellent first step um providing an end-to-end payroll option for your staff members internationally once again I think is another huge um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of services and reducing the number of tools platforms and bank accounts they require for their International 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 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 rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 everyone that’s involved in those procedures and also so imagine sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so moving on appearance why do business choose to primary separate bank accounts there are What Is Eps In Papaya Global services out there doing precisely this for specific nations and I have actually operated in a business or numerous companies doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think people have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but 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 gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering but eventually individuals are extremely stuck to what they recognize
with ideal um modification is a challenging thing all of us do not like change um so I believe it’s simply type 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 clearly the advantages of having preserving multiple checking account however there’s a big quantity of complexity opts for establishing a bank account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial but I think the honest response is change um individuals haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this approach does present several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. What Is Eps In Papaya Global