Over the last five or 6 years …Neal Anderson Papaya Global Solutions… roles on the company side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I want I was somewhere else at this moment in time all right so let’s begin 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
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also go over a wrap-up which needs to leave his time at the extremely really 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 Worldwide workforces end up being increasingly more typical and handling them ends up being a growing number of intricate International companies are seeking to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint numerous companies keep different checking account just for payroll while some have several accounts in different countries does it make sense for companies to maintain different bank accounts often in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance the episode complex processes of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to enhance working capital, and find how enhancing global payroll payments can transform them from a challenging job into a strategic possession.
Managing payroll globally is a challenging job due to various regulations, compliance requirements, data security issues, and banking guidelines. The large variety of employees and services contributes to the complexity, 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 result in manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. Despite residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and options to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be included best and what does
it need to be considered 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 capabilities 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 anywhere you look ideal ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to add to sort of the level of complexity there’s more and more benefits being organ or being provided by companies throughout the world so again you’re simply aiming to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine difficult kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would definitely state that the larger a business 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 info into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from an expense perspective from an effect point of view on employees it is definitely crucial 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 need to be done right it has the most significant damaging effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first International Payments first payroll payment option is a fantastic preliminary action towards supplying an extensive payroll solution for employees worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account required for worldwide payroll are essential factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know how how essential a role it is which’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 think of sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t think of 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 sort of shot to return to everyone so proceeding look why do business pick to primary different savings account there are Neal Anderson Papaya Global Solutions services out there doing exactly this for specific nations and I have actually operated in a business or many businesses doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and any person that’s handling 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 numerous reasons one is it’s the standard I think people have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however ultimately individuals are very stuck to what they recognize
with ideal um modification is a tough thing we all do not like modification um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining several checking account but there’s a big amount of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big however I believe the truthful answer is change um people haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does position several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification 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 actually gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Neal Anderson Papaya Global Solutions