Over the last five or 6 years …Papaya Global Inc Address… roles on the company side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly 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 raining here it’s really very dreary and I want I was elsewhere 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 obstacle years of handling International payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that ought to leave his time at the very really 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 more and more typical and handling them becomes increasingly more intricate International organizations are aiming to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment perspective numerous organizations maintain separate bank 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 different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business enhance the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a troublesome task into a strategic possession.
Managing payroll globally is a complicated job due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large number of workers and organizations adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, causing disparities and inadequacies. Despite residing in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and options 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 only 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the needed several 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 obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be included best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like extremely payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to sort of move on with that it also too to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation 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 information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to contribute to sort of the level of complexity there’s more and more benefits being organ or being used by services across the world so once again you’re simply aiming to add a growing number of 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 however have you got any experience in kind of real obstacles or genuine tough type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that does not always 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 require to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost perspective from an impact point of view on workers it is definitely critical that it’s done correctly and on time so what we suggest 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 individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this sort of webinar has 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 employees or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll option for your employees worldwide once again I believe is another big um process again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and decreasing the number of tools platforms and checking 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 also so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and kind of try to return to everyone so proceeding appearance why do business pick to primary different bank accounts there are Papaya Global Inc Address companies out there doing exactly this for specific nations and I have actually operated in a business or numerous businesses doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for any person where we don’t need to and anybody that’s dealing with that process 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 reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new bank 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 believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs changing but ultimately individuals are really stuck with what they’re familiar
with ideal um change is a tough thing we all do not like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping multiple bank accounts however there’s a big quantity of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is huge but I think the truthful answer is change um individuals haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just did you changed our Business 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 staff members you deserve a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Inc Address