Over the last 5 or 6 years …Using Papaya Global… functions on the company side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody 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 simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really 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 really really gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll also review a recap which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them ends up being more and more complicated Worldwide organizations are seeking to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate savings account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different checking account in some cases in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a troublesome job into a tactical asset.
Managing payroll worldwide is an overwhelming task due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to disparities and ineffectiveness. Regardless of residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to supply insights and services to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see an absence of presence also extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide organizations have expressed 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 interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average cost of an international data 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 efficiently if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 ideal eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link 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 sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 frequently 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so once again you’re just seeking to include increasingly more payments to this currently complex landscape so if you sort 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 genuine difficulties or genuine tough kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a company 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on workers it is absolutely important 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 greatest damaging effect on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been amazed entering into this Market type of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the first Global Payments very first payroll payment service is a great initial action towards providing an extensive payroll solution for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account needed for international payroll are crucial factors in attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we know 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean all those up for sure oh absolutely 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 try to browse them and actually see what was going on and type of try to return to everyone so proceeding look why do business select to main different bank accounts there are Using Papaya Global services out there doing precisely this for particular nations and I have actually operated in a company or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and any person that’s handling 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 lots of factors one is it’s the standard I believe people have got so used to we need a new checking 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 norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering but eventually people are really stuck to what they recognize
with ideal um change is a difficult thing we all don’t like modification um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining several checking account but there’s a substantial quantity of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big but I believe the truthful answer is change um individuals have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep track of and this technique does present a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range 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 tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Using Papaya Global