Over the last 5 or 6 years …Papaya Global.Coim… functions on the provider side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really dreary and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up which needs to leave his time at the very extremely 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 International labor forces become increasingly more common and handling them becomes more and more complicated Global organizations are seeking to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint many companies maintain separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different bank accounts in some cases in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business simplify the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for services running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a difficult job into a tactical asset.
Handling payroll globally is a complicated job due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and organizations contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems often lead to manual procedures, information silos, and an absence of combination, causing inconsistencies and inefficiencies. Despite residing in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and services to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in international payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of best 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 nation 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 intricacy wherever you look best eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to sort of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by organizations across the world so again you’re simply looking to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would absolutely say that the bigger 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 really managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate 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 a period of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an impact perspective on staff members it is definitely important that it’s done properly and on time so what we mean 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 harmful effect on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort 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 staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment option is an excellent first step um offering an end-to-end payroll service for your workers globally again I think is another huge um process again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and minimizing the number of tools platforms and savings account they need 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how essential 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 procedures and likewise so envision sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many 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 envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to return to everybody so proceeding appearance why do companies choose to main separate checking account there are Papaya Global.Coim businesses out there doing exactly this for particular nations and I have actually worked in a company or lots of companies doing precisely that I can state it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and any person that’s dealing with 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 requirement I think individuals have actually got so used to we need a new checking account we open an entity and rightly 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 add to that people have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing but ultimately people are really stuck with what they recognize
with right um modification is a challenging thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping numerous savings account but there’s a big quantity of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is huge but I think the truthful answer is modification um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does posture numerous challenges um so Johnny could you tell us about those challenges yeah of course so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global.Coim