Over the last 5 or six years …Papaya Global Disguised Renumeration… roles on the company side and likewise on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes 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 very extremely dreary and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise review a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them becomes a growing number of complex Worldwide companies are seeking to find Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain different savings account sometimes in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a difficult job into a strategic property.
Handling payroll globally is an overwhelming job due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The large number of employees and organizations adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and options to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in global payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be consisted of best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 complexity anywhere you look ideal eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they are like incredibly 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 essential and innovation is allowing us to kind of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by services throughout the world so once again you’re simply seeking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or genuine challenging sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things but 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 produce extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect perspective on workers it is definitely 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 greatest detrimental effect on people’s well-being and many other aspects if people aren’t paid uh I have actually always been astonished entering 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 told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is a great initial step um supplying an end-to-end payroll service for your employees worldwide once again I believe is another huge um process again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and checking account they require for their International 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 have actually never had a hundred thousand of 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 grievances where things haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we understand 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 everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that lots of 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 interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to return to everyone so carrying on look why do business choose to main different bank accounts there are Papaya Global Disguised Renumeration companies out there doing exactly this for particular nations and I have actually operated in a business or numerous services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and anybody that’s managing 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 believe many reasons one is it’s the standard I believe people have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering but eventually individuals are extremely stuck with what they’re familiar
with best um change is a challenging thing we all do not like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving several savings account but there’s a big quantity of complexity goes with setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is substantial but I think the honest response is change um individuals have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to track and this technique does present several difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise 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 gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Disguised Renumeration