Over the last 5 or 6 years …Papaya Globals Bca… roles on the company side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 very really bleak and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and managing them ends up being more and more complicated International companies are aiming to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment viewpoint numerous companies preserve separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain separate savings account in some cases in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to enhance working capital, and find how simplifying international payroll payments can change them from a difficult job into a strategic asset.
Handling payroll worldwide is a daunting job due to different policies, compliance requirements, data security concerns, and banking guidelines. The large number of employees and companies adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and a lack of integration, leading to inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and options to simplify and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of international organizations have actually revealed that they don’t 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 bad HCM information data entry errors poorly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included right and what does
it require to be thought of 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 customer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link in 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 innovation is permitting us to sort of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work better 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 anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by businesses across the world so once again you’re just seeking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know 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 need to produce extra handoffs in the processes 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 operating in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense point of view from an effect point of view on workers it is absolutely important 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 need to be done right it has the greatest destructive effect on people’s wellness and many other factors if people aren’t paid uh I have actually always been impressed entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all become aware of it when it fails 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a great primary step um supplying an end-to-end payroll option for your workers worldwide once again I think is another substantial um process once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect 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 rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how important a function 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 processes and likewise so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task 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 require days of the week to try to check out them and actually see what was going on and sort of shot to get back to everybody so proceeding appearance why do business pick to primary different bank accounts there are Papaya Globals Bca services out there doing exactly this for particular nations and I have actually worked in a business or lots of organizations doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not need to and anybody that’s handling 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 amount that we are I believe lots of factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs altering however ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a hard thing we all do not like modification um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining multiple bank accounts however there’s a substantial quantity of complexity opts for setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is substantial however I think the honest response is modification um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could almost 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 could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just 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 employees you deserve a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Globals Bca