Over the last 5 or six years …Papaya Global Annual Report… roles on the supplier side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very dreary and I want 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 taking a look at the obstacle years of handling International payroll why companies maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a recap 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 officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and handling them ends up being increasingly more complicated Global companies are looking to find Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain different savings account often in various nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex challenge for companies running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can transform them from a difficult job into a strategic asset.
Managing payroll internationally is an overwhelming job due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and a lack of integration, leading to disparities and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in global payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of international organizations have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be included right and what does
it need to be thought about there’s differing 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 client’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 innovation is permitting us to kind of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing groups work closer together than ever um I’m constantly impressed 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 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 data collection all the way through to paying individuals any place 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 essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by services across the world so once again you’re just wanting to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or real challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments operates 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 handling the payment side of things but 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 require to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any company has from an expense viewpoint from an impact point of view on workers it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental result on people’s well-being and lots of other aspects if people aren’t paid uh I’ve always been astonished coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 definitely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um supplying an end-to-end payroll service for your employees globally again I believe is another big um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of organizations and reducing 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’ve never had a hundred countless 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 do not think any of us are really doing that for for the thanks
anyhow we understand 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up 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 require days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so proceeding appearance why do business select to main different checking account there are Papaya Global Annual Report businesses out there doing precisely this for specific countries and I have actually operated in a business or numerous services doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we don’t need to and any person that’s dealing with that process 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 think lots of reasons one is it’s the requirement I think individuals have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing but ultimately people are really stuck to what they’re familiar
with best um change is a hard thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping several bank accounts however there’s a substantial amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge however I think the sincere response is modification um people have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this technique does position a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Annual Report