Over the last 5 or 6 years …Papaya Global Rerun Payroll… functions on the company side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating 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 everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and managing them becomes more and more complex International organizations are wanting to find Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment viewpoint numerous companies keep different savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve different checking account in some cases in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business improve the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a challenging job into a tactical property.
Handling payroll internationally is a challenging task due to various regulations, compliance requirements, data security concerns, and banking rules. The large number of staff members and companies adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and an absence of integration, leading to disparities and inadequacies. Regardless of residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and services 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 only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors poorly 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 shipped to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it need 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m always astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re just aiming to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly state that the larger an organization 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 teams feeding information into the next function as it were that’s in fact handling the payment side of things but you know 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 require to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from an expense point of view from an impact point of view on staff members it is absolutely crucial that it’s done properly 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 effect on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually always been amazed entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other important matters are done correctly. Using the very first International Payments very first payroll payment option is a great preliminary step towards supplying a comprehensive payroll service for workers worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and bank accounts needed for worldwide payroll are crucial consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely 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 was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of try to get back to everybody so moving on appearance why do business choose to main separate savings account there are Papaya Global Rerun Payroll businesses out there doing exactly this for specific countries and I have actually worked in a company or lots of companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t have 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 quantity that we are I believe numerous reasons one is it’s the standard I believe people have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past 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 think there’s a range I think this is a procedure that needs looking at it requires changing however ultimately individuals are extremely stuck to what they’re familiar
with best 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 lot of track of things um I understand undoubtedly the advantages of having keeping numerous savings account however there’s a big amount of intricacy chooses establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge however I think the sincere answer is modification um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does present several challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Rerun Payroll