Over the last 5 or 6 years …Papaya Global Company File… functions on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really uninspiring and I wish 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 difficulty years of managing International payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll likewise review a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and managing them becomes increasingly more complicated International companies are looking to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain different checking account often in different countries it does but just for payroll is there a better way 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 precise, effective, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to enhance working capital, and discover how simplifying global payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll globally is a difficult task due to different guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of staff members and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Regardless of living in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and services to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international services have expressed that they do not 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 data data entry errors badly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and state what is it what does not need to be consisted of right and what does
it require to be considered 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 complexity anywhere you look best eventually building a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 also also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of complexity there’s more and more benefits being organ or being offered by businesses throughout the world so again you’re just looking to add a growing number of payments to this currently intricate landscape so if you type 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 genuine challenges or genuine challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact point of view on employees it is absolutely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging result on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been surprised coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has actually been told 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 however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider 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 stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic primary step um offering an end-to-end payroll option for your staff members worldwide again I believe is another big um process again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and bank accounts they require for their Worldwide 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t think 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job 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 need days of the week to attempt to browse them and really see what was going on and type of try to get back to everybody so proceeding look why do companies select to main separate checking account there are Papaya Global Company File services out there doing exactly this for specific countries and I have actually worked in a service or lots of companies doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s managing 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 numerous reasons one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and appropriately so you require 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 requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing but eventually people are very stuck to what they recognize
with ideal um change is a challenging thing we all do not like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving several checking account however there’s a substantial quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge however I think the truthful answer is change um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I simply 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 International staff members you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Company File