Over the last 5 or 6 years …Papaya Global 50 Mid Year Set Up… functions on the provider side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also go over a recap which must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them becomes a growing number of complicated Global companies are looking to find Solutions and new ways to enhance processes particularly from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve separate savings account sometimes in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies improve the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a challenging task into a tactical property.
Handling payroll globally is a difficult job due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and companies adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and options to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data 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 a photo they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t require 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 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 have to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 technology is permitting us to type of progress with that it likewise as well to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and financing groups work better together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split 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 ultimately 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being offered by businesses across the world so again you’re simply seeking to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would definitely state that the bigger a business 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 groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop additional 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 a period of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on staff members it is definitely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually always been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think 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 things is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll service for your employees globally again I believe is another substantial um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and decreasing the number of tools platforms and checking account 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 have actually never had a hundred thousand of 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 problems where things haven’t gone quite where they’re suggested to be um I don’t 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job trying to clean up 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 require days of the week to attempt to look through them and really see what was going on and type of shot to return to everyone so carrying on look why do companies choose to main different bank accounts there are Papaya Global 50 Mid Year Set Up services out there doing exactly this for particular nations and I have actually operated in a company or lots of organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s managing 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 quantity that we are I think lots of reasons one is it’s the standard I think people have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering but eventually people are very stuck with what they recognize
with best um modification is a tough thing all of us 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 lot of track of things um I understand undoubtedly the advantages of having maintaining several savings account however there’s a substantial quantity of complexity goes with establishing 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 intricacy is huge however I think the sincere response is change um individuals have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we’ve constantly 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 know what could practically be figured out to be the next Century or two there is a lot to monitor and this technique does posture a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification to our Business 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 acquired another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global 50 Mid Year Set Up