Over the last five or 6 years …Papaya Global Payroll Change To Direct Deposit… roles on the provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well one of 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 already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession 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 Global labor forces end up being a growing number of common and handling them becomes a growing number of intricate International organizations are looking to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint numerous organizations maintain separate savings account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain separate bank accounts in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies improve the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and find how simplifying global payroll payments can change them from a burdensome task into a tactical property.
Managing payroll internationally is a difficult job due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer number of workers and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and a lack of combination, causing disparities and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international services have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be consisted of right 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 need to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work better together than ever um I’m always astonished when people state I’ve divided 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 split the payroll payment from computation 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 process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by services across the world so again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would certainly state that the bigger a service 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 teams feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos 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 an age of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any business has from an expense perspective from an effect point of view on employees it is absolutely vital that it’s done properly and on time so what we imply 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 detrimental impact on people’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed coming into 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 kind of webinar has actually been informed 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 ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is an excellent initial step um supplying an end-to-end payroll option for your workers worldwide once again I think is another huge um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and savings account they require for their International 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 ever had a hundred countless 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 have not gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand 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 everyone that’s involved in those processes and also so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture 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 definitely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of shot to return to everyone so proceeding appearance why do business pick to primary different checking account there are Papaya Global Payroll Change To Direct Deposit companies out there doing precisely this for particular nations and I have actually worked in a company or numerous businesses doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for any person 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 believe many factors one is it’s the standard I think individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it needs altering however ultimately individuals are extremely stuck with what they recognize
with right um change is a tough thing we all do not like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining several bank accounts however there’s a huge amount of complexity chooses establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is substantial however I believe the sincere answer is modification um individuals have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or two there is a lot to monitor and this technique does position several obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Change To Direct Deposit