Over the last five or six years …Is Papaya Global Payroll Safe… roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type 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 type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really gloomy and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise go over a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them becomes increasingly more complicated International companies are wanting to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint numerous companies keep different savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate checking account sometimes in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a troublesome task into a tactical property.
Managing payroll worldwide is a difficult task due to different regulations, compliance requirements, data security issues, and banking rules. The large variety of workers and services contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of living in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the required multiple 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 business face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 innovation is enabling us to sort of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by services throughout the world so once again you’re just wanting to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or real difficult kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info 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 doesn’t necessarily need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they simply 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 a period that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect perspective on staff members it is definitely critical 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 most significant destructive result on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been surprised entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a great initial step um providing an end-to-end payroll option for your workers globally once again I think is another big um process once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and checking account they need for their Global 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 have actually never ever 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 quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how essential a function 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 picture sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and type of shot to get back to everyone so carrying on appearance why do companies choose to primary separate bank accounts there are Is Papaya Global Payroll Safe services out there doing exactly this for particular nations and I’ve worked in an organization or many businesses doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a process that needs taking a look at it needs changing however ultimately individuals are very stuck with what they recognize
with ideal um change is a difficult thing we all don’t like modification um so I think it’s simply kind 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 understand certainly the advantages of having keeping numerous checking account but there’s a substantial amount of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge however I believe the honest answer is modification um people haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does pose numerous difficulties um so Johnny might you inform us about those difficulties 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 Worldwide workers you are worthy of a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Is Papaya Global Payroll Safe