Over the last 5 or six years …Papaya Global Brazil… functions on the company side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 extremely uninspiring and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also review a wrap-up and that must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and handling them becomes increasingly more intricate Global companies are seeking to find Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment viewpoint numerous companies maintain separate bank account just for payroll while some have several accounts in various countries does it make sense for companies to preserve separate checking account sometimes in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business improve the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to enhance working capital, and find how improving global payroll payments can change them from a burdensome task into a strategic property.
Handling payroll worldwide is a difficult task due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of integration, causing disparities and ineffectiveness. Despite living in a period of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and services to streamline 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 services say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on global payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide services have actually expressed 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 due to time reporting poor HCM data data entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once 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 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 requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be included right and what does
it need 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by businesses across the world so again you’re just seeking to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would certainly 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 job there are groups feeding info into the next function as it were that’s really handling the payment side of things however you understand 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 create additional handoffs at the same times that we operate in they simply 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 an age that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an effect perspective on workers it is definitely vital 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 biggest detrimental effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only observe when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally as well. For that reason, it is vital to ensure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the first International Payments first payroll payment option is a great initial step towards supplying a detailed payroll solution for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts necessary for global payroll are crucial factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyway 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 associated with those processes and also so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain 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 how many Post-it notes you got but it would certainly be an interesting job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of shot to get back to everybody so moving on look why do business choose to primary different savings account there are Papaya Global Brazil businesses out there doing precisely this for particular countries and I’ve worked in a business or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and any person 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 quantity that we are I think lots of factors one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering however eventually people are very stuck to what they recognize
with best um change is a difficult thing all of us do not like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several bank accounts however there’s a substantial amount of intricacy opts for establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge but I believe the honest response is modification um people have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to monitor and this technique does pose numerous challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Brazil