Over the last five or six years …Papaya Global Payroll One Employee… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join we all 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 already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 very very gloomy and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll likewise go over a wrap-up and that must 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 International labor forces end up being more and more common and handling them becomes increasingly more intricate Worldwide companies are aiming to find Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment standpoint lots of organizations maintain separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve separate savings account in some cases in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies simplify the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can transform them from a burdensome job into a strategic possession.
Handling payroll internationally is a daunting task due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, resulting in disparities and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in international payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like incredibly payments no if however some infants 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 recognition that payroll payments are absolutely basic and innovation is allowing us to sort of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to type of the level of complexity there’s a growing number of advantages being organ or being offered by services across the world so again you’re simply wanting to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or real challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info 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 always require to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense point of view from an effect point of view 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 have to be done right it has the greatest detrimental impact on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other important matters are done properly. Using the first Worldwide Payments very first payroll payment service is a great preliminary step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts needed for worldwide payroll are essential factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we understand 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 associated with those processes and also so imagine sorry I’m simply I was simply gon na state 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 think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and sort of try to return to everybody so moving on look why do business pick to main different savings account there are Papaya Global Payroll One Employee businesses out there doing precisely this for particular nations and I’ve worked in a company or lots of organizations doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe people have got so utilized to we require a new savings account we open an entity and appropriately 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 simply been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it requires altering however eventually individuals are extremely stuck to what they recognize
with right um modification is a challenging thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping numerous savings account however there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial however I think the honest response is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll One Employee