Over the last 5 or 6 years …Papaya Global Guatemala… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer 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 intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll likewise review a recap which should leave his time at the really 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 Worldwide workforces end up being more and more typical and handling them ends up being more and more complicated International companies are looking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment viewpoint many companies keep different bank account just for payroll while some have several accounts in various countries does it make sense for companies to preserve separate savings account in some cases in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies enhance the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a challenging job into a tactical property.
Managing payroll internationally is a daunting task due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and businesses adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual processes, data silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Regardless of residing in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and services to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations in addition to 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 data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good question I always toss this back and state what is it what does not require to be included right and what does
it require to be considered there’s varying 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 need 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 ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately 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 likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so once again you’re simply aiming to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily need 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 do not make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an effect perspective on employees it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on people’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has been told 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 employees or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails but 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 crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a fantastic primary step um offering an end-to-end payroll service for your employees globally once again I believe is another big um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of businesses and reducing the variety of tools platforms and checking account they need for their International 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 processes and likewise so think of sorry I’m just I was simply gon na say picture the quantity 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 numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everybody so carrying on appearance why do business choose to primary separate checking account there are Papaya Global Guatemala services out there doing precisely this for particular countries and I have actually worked in a service or lots of organizations doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually embraced 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 sort of do it so I believe there’s a range I think this is a process that requires looking at it needs altering but eventually people are extremely stuck to what they’re familiar
with right um modification is a hard thing all of us do not like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping numerous savings account but there’s a big amount of complexity goes with setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is big however I think the truthful response is modification um individuals haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to track and this method does pose numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range 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 jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Guatemala