Over the last 5 or six years …Papaya Global Payroll Funding… functions on the supplier side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really 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 drizzling here it’s really extremely bleak and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up which must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and handling them becomes increasingly more complex International organizations are wanting to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint lots of organizations keep separate checking account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve different savings account in some cases in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business simplify the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging job into a tactical property.
Handling payroll worldwide is a complicated job due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 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, resulting in inconsistencies and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the incorrect location the typical expense of a worldwide data 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 smoothly if they depend 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 challenges service face when they’re making payments to staff members or otherwise that’s a great question I always throw this back and say what is it what does not need to be consisted of right 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 abilities 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 consumer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to sort of move on with that it likewise too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so once again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you type 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 real tough kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they require 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 requires 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 absolutely crucial 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 biggest harmful impact on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve constantly 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 unsure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it fails 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 likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a great primary step um providing an end-to-end payroll solution for your staff members globally once again I think is another big um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and minimizing the variety of tools platforms and savings account they require for their Global payroll too could not 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 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how important a role 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 procedures and likewise so think of sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I imply 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 absolutely I can’t envision 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 actually see what was going on and sort of shot to get back to everyone so moving on look why do companies choose to main separate savings account there are Papaya Global Payroll Funding services out there doing exactly this for specific countries and I have actually worked in a company or lots of organizations doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs looking at it requires changing but eventually people are very stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping numerous checking account but there’s a huge amount of complexity goes with setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is big however I think the honest answer is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep track of and this technique does posture a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Funding